Improved energy markets has seen Maersk Tankers return to profit in the first half of 2010, stemming the flow of red ink that saw falling ships’ values and contracting oil and product trades drag the division’s 2009 losses to over $255m.
The world’s largest owner of product tankers, and the tanker arm of Danish shipping giant AP Moller-Maersk, reported a profit of $15m for the first half of 2010.
Product tanker rates declined in the second quarter following a cold weather first quarter boost. But crude rates continued at “reasonable” levels, in the second quarter the company’s interim report said.
The gas transportation market also improved.
“In the gas carrier market, very large gas carrier rates increased considerably throughout the second quarter of 2010, and for the first time in 18 months Maersk Tankers experienced full employment in the segment,” the interim results said.
“However, as a result of contract coverage, the rate increases were not fully passed through to Maersk Tankers in the second quarter of 2010.”
Revenue fell from $622m in the first half of 2009, to $579m. But depreciation, amortisation and impairment losses were lower at $107m, versus $241m for the corresponding period in 2009.
In the first six months Maersk Tankers also took delivery of a handysize gas carrier, a handysize product tanker and a small product tanker, and also sold a long range two product tankers, a very large crude carrier and interests in two smaller product tankers. Sales gains were reported at $28m.
A further two vessels will be delivered in the second half of 2010, and 14 newbuildings to follow in the next 18 months
The tankers, offshore and other shipping activities division, in which Maersk Tanker’s figures are incorporated, posted half-year profits of $171m on revenues of $2.9bn, compared to $178m and $2.6bn for same period last year .
Maersk Tankers has a fleet of 272 tankers under ownership or management, including 238 product tankers, 10 VLCCs, 11 very large gas carriers, and a 43-ship orderbook.
The world’s largest owner of product tankers, and the tanker arm of Danish shipping giant AP Moller-Maersk, reported a profit of $15m for the first half of 2010.
Product tanker rates declined in the second quarter following a cold weather first quarter boost. But crude rates continued at “reasonable” levels, in the second quarter the company’s interim report said.
The gas transportation market also improved.
“In the gas carrier market, very large gas carrier rates increased considerably throughout the second quarter of 2010, and for the first time in 18 months Maersk Tankers experienced full employment in the segment,” the interim results said.
“However, as a result of contract coverage, the rate increases were not fully passed through to Maersk Tankers in the second quarter of 2010.”
Revenue fell from $622m in the first half of 2009, to $579m. But depreciation, amortisation and impairment losses were lower at $107m, versus $241m for the corresponding period in 2009.
In the first six months Maersk Tankers also took delivery of a handysize gas carrier, a handysize product tanker and a small product tanker, and also sold a long range two product tankers, a very large crude carrier and interests in two smaller product tankers. Sales gains were reported at $28m.
A further two vessels will be delivered in the second half of 2010, and 14 newbuildings to follow in the next 18 months
The tankers, offshore and other shipping activities division, in which Maersk Tanker’s figures are incorporated, posted half-year profits of $171m on revenues of $2.9bn, compared to $178m and $2.6bn for same period last year .
Maersk Tankers has a fleet of 272 tankers under ownership or management, including 238 product tankers, 10 VLCCs, 11 very large gas carriers, and a 43-ship orderbook.