Uni-Tankers delivers on massive turnaround with record result of EAT USD 61m

An effective turnaround strategy, favourable market conditions, and a streamlined organisation ready to seize each opportunity land record results for the Uni-Tankers Group.

Uni-Tankers, a Danish family-owned tanker shipping company in the intermediate and small tanker segment presents record earnings in its annual report for financial year 2022/23.

The report shows earning after tax of USD 61.0 million, an increase of USD 66.1 million from last year’s result despite constrained availability, higher cost of charter tonnage, and higher interest rates.

An impressive result which would not have been possible without the support and confidence of the owner family, Board of Directors, and not least an outstanding effort on the part of all on- and offshore staff.

“The impressive result of this year is a tribute to our entire organisation and their outstanding performance. I am very proud to have such dedicated staff – both onshore and off – who all in their own way have shown their loyalty and commitment to Uni-Tankers,” says Per Ekmann, CEO of Uni-Tankers, elaborating:

“Uni-Tankers has been on a tremendous journey these past years, growing our strategy, executing on strategic initiatives, and strengthening our organisation. This year, all the foundational work and preparation has aligned perfectly with an upturn market, and we are proud to be on a steady course for the future.”

The owners and Board of Directors of Uni-Tankers have backed the executive management both in executing on the turnaround strategy launched in 2018, which effectively streamlined operational processes and allowed the Group the flexibility to scale according to market conditions, as well as the Group’s new strategy, Stronger Together, launched at the beginning of this financial year.

“I have always had full confidence in Uni-Tankers and Per Ekmann’s ability to turn the company around. Building strategically on the strong core of Uni-Tankers, getting the right people in their right positions, and leveraging the determination and courage to make the necessary decisions in hard times have paid off. I am very proud of this year’s result as a clear example of the business acumen embodied by Uni-Tankers,” says Torben Østergaard-Nielsen, board member and co-owner of Uni-Tankers.

The combination of favourable market conditions, a clear business model with a perfect mix of owned and time-chartered vessels, along with an organisation that has been ready and able to seize each opportunity have allowed the Group to be agile and strengthen its position in the market with divestments of two non-strategic vessels and the addition of one new stainless-steel vessel with delivery in May 2023.

“This year’s impressive result comes from a strong foundation, a clear strategy, and the ability to execute – as well as the courage to take calculated risks. Our business model and strategy have allowed us to do just that, and we are thrilled to see the return this year,” says Klaus Nyborg, chairman of the board of Uni-Tankers.

During the year, Uni-Tankers remained focused on maintaining a cost-competitive operational setup and streamlining processes to improve efficiency.

“We are very proud that we have been able to land a record result of USD 61.0 million after tax – and at the same time reduce our total debt by 70 percent,” says CFO Thomas Thomsen, adding:

“It is a validation of our turnaround strategy and our continuous efforts to streamline our business and seize emerging opportunities.”

ESG is focal to Uni-Tankers

During the financial year, environmental, social, and governance (ESG) has been an area of focus for Uni-Tankers, and the shipping company has invested heavily in preparing for upcoming IMO and EU regulations.

Fuel-saving technologies have been installed on 11 of 16 vessels resulting in fuel savings of 8-15 percent and B30 biofuel blend tests are being conducted in collaboration with sister company Bunker Holding.

Along with carbon reducing initiatives, Uni-Tankers has strengthened its commitment to ensure diversity, equality, and inclusion and fostering strong relations within the company, as well as worked intensely to prepare for upcoming regulations such as the EU emissions trading system (ETS) which comes into effect from 2024.

“For us, shipping is a matter of chemistry – the chemistry between people and the world we live in. As a result, remaining at the forefront of the ESG agenda and staying compliant with all legislations and guidelines are pivotal to us, as we firmly believe in a healthy and sustainable future for the shipping industry,” says Per Ekmann.

A total of 13 owned vessels are now fully compliant with IMO’s Energy Efficiency Existing Ship Index (EEXI), and the remaining three vessels will be compliant later this year. At the end of financial year 2022/23, Uni-Tankers completed a decarbonization deep-dive to prepare for the increasingly stringent demands to reduce greenhouse gas emissions and carbon intensity – and in the coming financial year the Group will set targets and finalize a decarbonization roadmap following the MEPC 80 session later this year. To further track progress, the Group has established a clear ESG governance structure with defined ownership across all initiatives.

Key financial figures for Uni-Tankers USD: