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TradeWinds – Ridgebury banks vast profit for 2015

  • TradeWinds – Ridgebury banks vast profit for 2015

    Bob Burke, chief executive of Ridgebury
    Photo: Chris Preovolos
    Ridgebury banks vast profit for 2015
    Bob Burke-fronted company sees sharp rise in full year bottom line.
    March 31st, 2016 08:33 GMT by Andy Pierce
    Published in FINANCE
    Bob Burke’s Ridgebury recorded a huge profit in 2015 as the tanker market ran hot.

    Ridgebury Holdings, owner of its suezmax, aframax and products tankers and co-investor in four VLCCs, banked $81.87m in 2015.

    This compares with a loss of $10.77m in 2014, according to figures released today.

    It came as revenue at Ridgebury Holdings climbed from $53.56m to $182.05m year-on-year.

    Ridgebury Holdings owns seven suezmaxes, two aframaxes and six medium range tankers, which have been marketed for sale.

    It also controls around one third of VLCC venture RV4, owner of a four strong VLCC fleet which is not part of the process.

    Its annual report shows that the Ridgebury Holdings had ships worth $614.71m at the end of 2015, adjusted down to $572.84m after depreciation.

    Crude tide rising

    Separate accounts show that Ridgebury Crude, owner of the suezmax and aframax ships, logged a profit of $59.24m in 2015. This compares with a $2.36m loss in 2014.

    Its crude fleet was worth $324.91m at the end of 2015, depreciated to $299.34m.Bob-Burke TW