Guernsey States-owned tankers predicted to make profit
- 18 November 2011
- From the section Guernsey
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.