Our tankships reporting division.

James Fisher's tankships division operates a fleet of product and chemical tankers which trade along the UK and northern European coastline.

Our fleet of tankers carry clean petroleum products and chemicals including increasing volumes of biofuels from refineries and terminals, to major coastal storage facilities. The division also operates a port in Plymouth, UK.

Tankships division results

Revenue (£m)



Underlying operating profit (£m - before separately disclosed items)



Return on capital employed (%)



2021 Divisional performance:

Revenue for the year was broadly in line with 2020, however profitability was adversely affected by a combination of the UK lockdown in Q1 2020, increased operating costs due to enhanced COVID safety protocols and quarantine requirements, and a short-term dip in utilisation during September. Utilisation rates across the fleet increased over the course of the year from an average of 86% in Q1 to 95% in Q4. The business’s exposure to the shorter-term spot-rate charters has increased slightly in the year to c. 23% (2020: c. 21%) as a result of contracts that have not been renewed. During the first two months of 2022, utilisation rates were strong and spot charter rates are showing good signs of recovery.

Impairment charges of £3.5m have been recognised in the year, reflecting a reassessment of residual values of older vessels that are reaching end of life. The two newly-commissioned dual-fuel (marine gasoil and LNG) vessels are well into the construction phase and are due for delivery late in 2022, replacing two vessels that are approaching the end of their useful operational lives.

Cattedown Wharves, which serves the South West of England, performed well in the year notwithstanding the lockdown in Q1 2021. Volumes of cargo transported through the port have now largely recovered to pre-pandemic levels.

The businesses within the tankships financial reporting division

CWL Aerial 2010

Cattedown Wharves

Cattedown Wharves is a port in Plymouth which provides berthing and marine services to the oil majors which own tank farms in Plymouth.

It also handles dry cargoes such as animal feed being imported into the South West and clay being exported from the region. The primary driver for the business is the level of consumption of clean oil products within the South West region of the UK.

JFE distributes clean petroleum products and chemicals on the Cumbrian Fisher

James Fisher Everard

Distributes clean petroleum products and chemicals under contracts with primarily oil majors around the European coast and to islands and ports with size restricted access.

It operates a fleet of double-hulled product and chemical tankers with capacity ranging from 3,000mt to 35,000mt. The business driver is the level of consumption of clean products (petrol, diesel, gasoil and kerosene) and chemical/biofuels in the UK, Ireland and northern Europe. Products carried serve the marine, transport, agriculture, aviation and chemical industries.

JFSS provides technical vessel and crew management to the James Fisher fleet of tankers, Clyde Fisher

James Fisher Shipping Services

Provides technical vessel and crew management to the James Fisher fleet of tankers, as well as to the wider tanker, research and specialised vessel markets.

ScottishPower Renewables (SPR) contracted JFMS to deliver an integrated marine services package during the construction of its East Anglia ONE (EA1) windfarm.
Sign up for investor email alerts

Sign up to regulatory news services (RNS) alerts from James Fisher and Sons plc (LSE: FSJ).