Job Description

Position: Vessel Accountant

The Vessel Accountant is responsible for the financial management and accounting of assigned vessel-owning entities. This includes monitoring vessel revenues, operating expenses, financing obligations, and administrative costs to ensure accurate financial reporting. The role maintains the full set of accounts for vessel owning companies, including Balance Sheet and Profit & Loss, and prepares management reports for internal stakeholders. The Vessel Accountant will also support the financial administration and accounting setup of newly established ship-owning entities and ship management structures, including those formed in collaboration with future joint venture partners.

Key Responsibilities

1. Vessel Owning Company Accounting

• Maintain the full set of accounts for assigned vessel-owning entities.

• Record and monitor time charter income and other operating revenues.

• Ensure accurate accounting for vessel related costs including technical operating expenses (technical OPEX), crewing expenses, insurance, class costs, and other vessel expenditures.

• Ensure accounting records accurately reflect the commercial and operational activities of each vessel entity.

2. Financial Reporting & Management Accounts

• Prepare monthly Balance Sheet and Profit & Loss statements.

• Produce management reports and financial summaries for vessel owning companies.

• Monitor vessel profitability and cost performance.

• Provide variance analysis and explanations where required.

3. Cash Management & Financing

• Monitor and record bank loan repayments, including principal and interest.

• Manage vessel cash flow and liquidity planning.

• Perform bank reconciliations and maintain accurate vessel bank records.

• Liaise with internal treasury or lenders where required regarding financing arrangements.

4. Accounts Payable & Receivable

• Manage billing, invoicing, and collection of charter hire and other receivables.

• Process vendor invoices and allocate expenses to the appropriate general ledger accounts and vessel cost centres.

• Ensure timely settlement of operational and administrative expenses.

5. Coordination with Technical & Crewing Managers

• Liaise with technical managers and crewing managers regarding vessel operating expenses.

• Review and reconcile monthly cost statements and supporting documentation.

• Investigate and resolve discrepancies in reported vessel costs.

6. New Entity & Joint Venture Support

• Support the accounting setup and financial administration of newly established ship-owning entities.

• Assist in financial processes relating to ship management structures and potential joint venture partners.

• Ensure appropriate accounting controls and reporting structures are implemented for new entities.

7. Month-End, Year-End, Audit & Tax Compliance

• Support monthly closing procedures including accruals, reconciliations, and financial reviews.

• Prepare supporting schedules and documentation for year-end financial audits.

• Liaise with external auditors to address audit queries and provide required information.

• Coordinate with tax agents on preparation and submission of corporate tax filings.

• Ensure compliance with statutory and regulatory reporting requirements.

Key Skills & Competencies

• Strong understanding of vessel accounting and ship-owning structures.

• Knowledge of time charter revenue recognition and vessel cost structures.

• Strong reconciliation, general ledger control, and financial reporting skills.

• Ability to manage multiple vessel entities and transactions.

• Strong analytical and organisational skills.

• Effective communication with operational managers and finance teams.

Preferred Qualifications / Experience

• Diploma or Degree in Accounting or Finance.

• Experience in shipping, ship owning, or ship management companies.

• Shipping industry experience would be highly advantageous.

• Experience using Microsoft Dynamics 365 (D365) or similar ERP systems is preferred as the Group is transitioning to D365 for financial reporting.

• Ability to support Group reporting requirements and communication with senior management and directors.