Guernsey

Guernsey States-owned tankers predicted to make profit

  • 18 November 2011
  • From the section Guernsey
Sarnia Cherie tanker in St Sampson's Harbour
Image caption When they were bought the tankers were not expected to turn a profit until 2013

The two tankers purchased by the States to ensure the security of fuel supplies to Guernsey are predicted to continue making a profit.

The 2012 budget report said JamesCo750, which was set up to manage the vessels, was projecting profits of £300,000 for 2011/12.

The tankers were bought in 2008 as they were vessels capable of off-loading at St Sampson's Harbour.

In 2010 the company turned a profit for the first time with £258,000.

The previous year it reported a loss of £665,000.

When the tankers were bought, the Treasury and Resources Department said it was not expected to turn a profit until 2013.

Original estimates suggested it would take 20 years for the cost of the tankers, 16.9m euros (£15m), to be recovered.

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