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.

2022 Divisional performance:

The Tankships business has recovered well in 2022. The fleet has been highly utilised at an average of 88% over the course of the year (2021: 83%) and spot rates for shorter-term charters have been high even when compared to pre-pandemic rates. During 2022 34% (2021: 23%) of the fleet was deployed on short-term spot voyages, with 66% (2021:77%) contracted to longer-term charters.

The delivery of our two new dual-fuel (marine gasoil and LNG) vessels has now been completed, with The Sir John Fisher delivered in November 2022 and The Lady Maria Fisher delivered in January 2023. Both have now completed their first voyages and have joined the UK-based fleet. These new vessels were commissioned as part of our fleet renewal strategy and replace two tankers that have reached end of life. One was sold in 2022, generating a £0.9m profit on sale and the second is expected to be sold in 2023.

The recent recovery in the market has led to a £0.3m reversal of an impairment recognised in 2021 against the carrying value of this second vessel. The profit on sale of £0.9m and impairment reversal of £0.3m have been shown as adjusting items in the year.

Cattedown Wharves, which serves the South-West of England, performed well, with volumes of cargoes flowing through the port in line with pre-pandemic levels.