• 2019 April 10 08:07

    Maersk Product Tankers 2018 Annual Report published

    Despite outperforming the market on time charter equivalent earnings and costs, 2018 was a financially challenging year for Maersk Product Tankers, facing the lowest spot market rates seen in a decade., the company said in its release.

    While revenue in 2018 increased to USD 647.0 million (USD 621.1 million), the company recorded a loss before tax of USD 35.0 million and a negative free cash flow of USD 27.7 million. The results were affected by the low spot market rates, but the company outperformed the market quarter on quarter, realising a decline in time charter equivalent of 2.7% from 2017 compared to a decline in the market of 14.5%.

    Maersk Product Tankers invested significantly in optimising the fleet during the year, ensuring a competitive fleet that is sufficiently flexible to meet customers’ trading needs. In 2018, the company took delivery of four MR newbuildings, bringing the total fleet to 81 vessels.

    In a market where prices were at a low point in their cycle, capital commitments reached USD 384.4 million. In 2018 alone, the company invested USD 146.7 million. Taking advantage of a market with attractive asset prices, the Board of Directors approved the order of six LR2 newbuildings. Maersk Product Tankers continues to have an option to order four more LR2 vessels; the decision on which will be made in 2019.

    Maersk Product Tankers remains positive about the mid- and long-term prospects for the tanker industry, and is well positioned to exploit the opportunities that will emerge.

    On the demand side, trade is expected to increase sharply, driven by the advent of the new IMO 2020 sulphur regulations. With slowing vessel supply growth and vessel demand expected to rise, product tanker freight rates are projected to increase, starting at the end of 2019. Maersk Product Tankers’ result for 2019 is expected to improve due to higher freight rates and lower vessel operating costs.

    About Maersk Product Tankers

    Maersk Product Tankers is a leading player in the product tanker industry, owning more than 80 vessels, which are carrying refined oil products worldwide for customers. The company is owned by A.P. Møller Holding A/S and Mitsui & Co. Ltd., and has its headquarters in Copenhagen, Denmark. Founded in 1928, the company was part of A. P. Møller – Mærsk A/S until being established as an independent company in 2017 following A.P. Møller Holding A/S’s acquisition of Maersk Tankers A/S through its subsidiary APMH Invest A/S. In connection with the acquisition, A.P. Møller Holding A/S announced it was entering into an ownership consortium for the Maersk Tankers fleet with Mitsui & Co Ltd., leading to a restructuring of Maersk Tankers A/S. As part of the restructuring, Maersk Product Tankers was formed through contribution (spin-off) of Maersk Tankers A/S’ vessel-related activities for owned vessels.




2019 August 23

08:35 MABUX: Bunker Market this morning August, 23
08:07 World’s largest all-electric ferry completes its maiden trip

2019 August 22

18:04 Australian Maritime College and KONGSBERG eye potential for VR training with renewed support program
17:39 Nordic Engineering sponsors roundtable meeting “Import Substitution in Russian Shipbuilding: Ambition and Reality”
17:04 DOF Subsea issues Financial Report for 2nd quarter of 2019
16:47 Karelia proposed construction of deep-water freight and passenger port Kem’
16:25 Bunker prices go down at the Far East ports of Russia (graph)
16:04 Navios Acquisition reports results for H1 2019
15:53 PJSC TransContainer reports its Financial Results under IFRS for 6M'2019
15:12 ReCAAP ISC has released Guidance on Abduction of Crew in the Sulu-Celebes Seas and Waters off Eastern Sabah
15:04 Essar Ports expects to meet 60 MT target for FY20
14:31 Höegh LNG announces interim results for the quarter and half year ended 30 June 2019
14:14 Peel Ports takes important step towards being Brexit ready
13:56 Yamal LNG shipped twenty million tons
13:35 Arctic block of Far East Investment and Export Agency headed by Dmitry Fishkin
13:13 Sea Machines successfully deploys industry’s first autonomous spill-response vessel
12:28 Fire onboard MV Pyotr Tchaikovsky kills one in Saint-Petersburg
12:13 Frontera Offshore and DOF Subsea join forces for the Subsea Construction and IMR Mexican market
11:31 Kalmar to enhance STS crane capabilities at EUROGATE Tanger
11:21 HELCOM publishes report on noise sensitivity of animals in the Baltic Sea
10:59 HELCOM gets a new Executive Secretary
10:35 Caterpillar Eurasia and Admiral Makarov University agreed on establishing a brand new up-to-date training center
10:10 Steps towards new treaty to protect marine biodiversity
09:38 Brent Crude futures price is down 0.41% to $60.04, Light Sweet Crude – down 0.38% to $55.47
09:20 Hapag-Lloyd announces changes of North Europe Mediterranean Express Service
09:13 Baltic Dry Index is up to 2,061 points
08:44 MABUX: Bunker market this morning, Aug 22

2019 August 21

18:06 BBC Chartering appoints Ulrich Ulrichs as CEO
17:57 BPO joined World Ports Sustainability Program
17:36 Napier Port’s shares commence trading on the NZX
17:06 ZIM announces Q2 2019 results
16:41 Waterfront Shipping and Marinvest welcome second-generation low emission methanol-fuelled vessels
16:35 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:32 Grady-White Boats honors MaineMax Pensacola as the worldwide sales leader
16:05 Hapag-Lloyd launches new South East Asia to Australia Services // SEA and S2A to start in October
15:42 Ferry in Estonia upgraded to battery-hybrid by Norwegian Electric System
15:21 Organisations release Joint Industry Guidance on the supply and use of 0.50%-sulphur marine fuel
14:55 Multipurpose small-draft salvage ship of MPSV12 project left for sea trials
14:30 BC Ferries releases first quarter results
14:04 DOF awarded two AHTS contracts to support drilling operations in New Zealand
13:27 Vladivostok offers second venue of “Import Substitution in Russian Shipbuilding: Ambition and Reality” roundtable
13:03 Workshop in Malaysia to help bring into operation the Regional Oil Spill Contingency Plan in South East Asia
12:46 Rosneft BOD recommended 1H’19 dividends at RUB 15.34 per share
12:25 Registration is underway for “Development of Icebreaking and Support Fleet” conference to be held as part of Neva-2019 exhibition
12:03 Ocean Yield extends option with Aker Energy for long-term charter of the FPSO Dhirubhai-1
11:41 Rosneft reports 9-pct increase of its 1H 2019 net income to RUB 325 bln
11:24 Vasily Boitsov appointed as USC Vice-President for Technological Development
11:02 Jan De Nul completes installation of all twenty foundations on the 120MW Formosa 1 Phase 2 wind farm in Taiwan
10:45 RF Ministry of Industry and Trade to prevent outflow of shipbuilding contracts from Russian shipyards
10:17 Scotline orders newbuild vessel from Royal Bodewes
10:16 Brazil readies its biofouling task force
09:51 Clean Arctic Alliance calls on Nordic Prime Ministers to support a ban on heavy fuel oil
09:47 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:28 Brent Crude futures price is up 0.48% to $60.32, Light Sweet Crude – up 0.36% to $56.33
09:13 Baltic Dry Index is down to 2,059 points
09:00 MABUX: Bunker Market this morning August, 21

2019 August 20

18:40 ATON repair and maintenance shop to be built at navigation support post in Taganrog Bay
18:06 CMA CGM announces FAK rates from Asia to North Europe
17:29 Wallem-managed bulk carrier rescues Indonesian fishermen lost at sea for 10 days
17:06 MAN Energy Solutions and Samsung Heavy Industries sign a strategic cooperation agreement for the digitization of marine engines