Change of fortune for James Fisher

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James Fisher's fleet of petroleum tankers turned in a profit following a recovery in volumes and spot-market rates, the marine services group said yesterday.

The marine oil division, which carries in excess of eight million tons of refined product every year, reported a surplus of £657,000 for the six months to 30 June, as improved economic conditions helped the unit to recover from the loss of £2.3m seen during the previous half year.

However, James Fisher said there was a long way to go until the operation achieved historic levels of profitability.

Across the business, which also provides specialist marine services for the defence and oil sectors, underlying profits were 4 per cent higher at £13.5m.

In its offshore oil services business, profits declined by £1.2m to £4.6m as a recent boom in work from the renewables sector in Aberdeen dried up.