• 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.




2020 May 27

08:19 Diana Shipping announces time charter contract for m/v Crystalia with Glencore

2020 May 26

18:32 Diana Shipping signs a term loan facility with ABN AMRO Bank to refinance two separate existing loans with the bank
18:06 Jotun hull skating solutions tested by Wallenius Wilhelmsen
17:31 Bunker prices are going up at the Far East ports of Russia (graph)
17:05 CMA CGM ends PSS for exports from West Med, North Europe, Scandinavia & Poland, Baltic, Italy Adriatic & Black Sea to Mayotte, Seychelles, Comoros & Madagascar outports
16:30 Damen announces Electric Cutter Suction Dredger 650
16:05 Aker Solutions starts CCS test program at Preem refinery in Sweden
15:35 Norsepower Rotor Sail installation completed on Scandlines ferry in just hours
15:01 Baltiysky Zavod lays down forth 60-MW icebreaker of Project 22220
13:59 Mitsui O.S.K. Lines and LNG Terminal Wilhelmshaven sign a contract to build and charter an LNG terminal ship
13:42 RF Government approves Customs Service Development Strategy till 2030
13:15 Rospotrebnadzor issues guidelines on prevention of COVID-19 spread for sea and river passenger ports and terminals
12:37 Sredne-Nevsky Shipyard starts cutting steel for construction of first passenger ship of Project А45-90.2
11:58 Vostochny Port invests RUB 850 million in completion of wind and dust protection facilities
10:40 A.P. Moller - Maersk, DSV Panalpina, DFDS, SAS and Ørsted join forces on an ambitious sustainable fuel project
10:04 Oil prices rise by 1.97%-3.43%
09:49 Cai Mep International Terminal welcomes the first maiden call of TP17 service deployed by 2M alliance
09:43 4 Caspian Ports discussed joint measures to combat COVID-19 pandemic
09:21 LUKOIL installs accommodation platform jacket at v.i. Grayfer field
08:47 MABUX: Bunker market this morning, May 26

2020 May 25

17:46 Transit cargo flow by Primorye 2 ITC to Zarubino port surged by 64.8%
17:20 Wilson ASA enters into agreement with Arkon Shipping to strengthen European presence
16:42 Oboronlogistics took part in RF Transport Ministry’s meeting
16:18 Average wholesale prices for М-100 HFO rose to RUB 6,405 in RF spot market
15:55 RF Government bans imports of diesel and marine fuel
15:30 Second shallow-draft dry cargo barge of Project RDB20, Belmax 10, floated out
15:04 Upgrading of Wärtsilä FuelFlex Injection Control Unit enables reliable operation with low-sulphur fuels
14:14 UN must persuade governments to adopt crew change protocols or risk ‘humanitarian disaster’ - ICS
13:14 Port of Melbourne appoints Shaun Mooney to lead commercial operations
12:13 APM Terminals Algeciras connects to the national 66KV energy network
11:51 Global Ports handles first batch of BMWs in Saint Petersburg under its contract with ROLF SCS
11:33 Russia's Main Department of State Expertise approves construction of MSCC Bronka terminal
11:00 Drone delivers package to vessel in the port of Rotterdam for the first time
10:55 Austal Vietnam launches first vessel - 94 metre catamaran ferry for Trinidad and Tobago
10:12 C&C Marine and Repair increases its production capacity
09:56 Throughput of port Shanghai (China) in 4M’20 fell by 16% to 149.5 million tonnes
09:35 Oil prices rise by 0.26%-0.78%
09:17 Baltic Dry Index on May 22
09:00 MABUX: Bunker market this morning, May 25

2020 May 24

17:08 Teekay Corporation reports Q1 2020 results
16:43 BIMCO, Institute of Chartered Shipbrokers, Videotel partner in online education collaboration
15:37 ABS launches new guide for wind-assisted propulsion systems
13:44 CMA CGM announces EHS to Abidjan, Côte d'Ivoire
12:38 Longitude Singapore worked on the basic design for a new build cable lay ship for Taiwan’s offshore wind industry
11:07 Coast Guard Cutter Kiska conducts patrol off Northern Mariana Islands

2020 May 23

21:03 Huntington Ingalls Industries to present at Bernstein’s Strategic Decisions Conference
20:32 FMC orders investigation into alleged discriminatory Canadian regulations
20:21 Essential vessel repowered with Volvo Penta IPS amid lockdown
19:32 Ingalls Shipbuilding lifts 320-ton aft deckhouse onto guided missile destroyer Jack H. Lucas (DDG 125)
17:28 USCG, good Samaritans rescue seven passengers from capsized vessel
15:25 ONE to offer the first direct coverage from China to Indonesia with the new CID service

2020 May 22

18:02 Severnaya Verf shipyard launches 22350-series frigate Admiral Golovko
17:37 New ASV charter party to include cap on liability
17:13 World’s only floating nuclear power plant enters full commercial exploitation
16:49 BIMCO offers detailed overview of Covid-19 implementations
16:26 Klaipėda LNG terminal is an established player in the global market
16:01 Dismantling of right-bank dam began at Beloomut hydrosystem
15:38 FESCO launches container train to deliver cars from China to Europe promptly
15:04 CNOOC announces Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project commences production
14:50 Amendment made to data on Vostochny seaport in the Register of Russian Seaports