Altera Shuttle Tankers has delivered better than expected earnings growth even as revenue pulled back.
The Norway and Scotland-headquartered tanker owner, a unit of Brookfield Business Partners-controlled Altera Infrastructure, reported second-quarter net income of $33.9m, a significant improvement on just under $2.22m in the same period of 2023.
Revenue dipped to $124m from $136m, a decline that was blamed on lower reimbursable bunker purchases and the shift of the 151,000-dwt floating storage and offloading vessel Nordic Brasilia (built 2004) to conventional tanker trades, among other factors.
