• 2020 March 25 16:35

    Maersk Product Tankers delivers improved financial results and makes strategic progress in 2019

    Maersk Product Tankers reported improved financial results in 2019, with an increase in revenue to USD 727.7 million (USD 647 million) and a profit before tax of USD 91.4 million (a loss of USD 35 million).
     
    Freight markets improved across all tanker segments, especially in the fourth quarter, and in line with Maersk Product Tankers’ expectations. The primary drivers were a continued growth in demand for oil, increased transportation in preparation for the new sulphur regulation coming into force in 2020 and sanctions limiting the available supply of vessels.

    CEO Christian M. Ingerslev said: “2019 was a positive year for Maersk Product Tankers. We improved our financial results and delivered a solid strategic performance. This included decisive action to increase the use of digitisation to optimise fleet performance and reduce CO2 emissions; turn a profit by selling vessels when the market offered attractive financial returns; and reduce vessels’ average daily running costs. We are on a positive trajectory for 2020 and our priorities are clear. We are cementing our financial position, continuing to deliver our strategy, and pushing the industry to greater sustainability, digitisation and profitability in our strategic partnership with Maersk Tankers."

    New digital measures were taken during the year to reduce CO2 emissions and increase earnings. The software product SimBunker was used on the fleet of vessels to reduce bunker spend. The initial use generated healthy earnings and, due to the software product’s significant potential, the fleet will continue to use it. Furthermore, testing of SimTanker began on the LR2 vessels during the fourth quarter, providing charterers with a data-driven trade signal to support commercial decision-making on optimal vessel positioning in the highly cyclical tanker market.

    CO2 emissions from the fleet were reduced by 5.4 percentage points, bringing the total reduction to 25.4% (2008-2019), through commercial and technical improvements. Work will continue to reach the targets of reducing CO2 emissions by 30% towards the end of 2021 and 45% by 2030 (compared to a 2008 baseline).

    Maersk Product Tankers’ financial flexibility and position was strengthened through the sale of 12 vessels, and a sale and leaseback agreement for four MR vessels, supporting the ability to invest when market prices are attractive and lock in attractive returns for shareholders.

    The company took delivery of four MR newbuildings. Furthermore, the order of the last four of 10 LR2 newbuildings was confirmed at an attractive price, increasing outstanding capital commitments to USD 421.2 million (USD 384.4 million).

    The vessels’ average daily running costs were reduced to USD 5,696 per day (USD 6,055 per day) through greater cost control, optimised procurement agreements and technological efficiencies.

    The market outlook for 2020

    While markets have benefitted from greater tonne-miles demand and a slow growth in operational vessel capacity in the early part of 2020, the outlook for the full year is uncertain. The outbreak and spread of coronavirus (COVID-19) and countries’ containment measures have led to global reductions in transport, industrial and commercial activity. This has caused a decline in the demand for oil and could eventually affect product tanker markets and freight rates.

    Financial highlights in 2019 – full-year results
     Revenue: USD 727.7 million (USD 647 million)
     Profit before tax: USD 91.4 million (a loss of USD 35 million)
     Outstanding capital commitments: USD 421.2 million (USD 384.4 million)
     Vessels’ daily average running costs: USD 5,696 per day (USD 6,055)

    About Maersk Product Tankers

    Maersk Product Tankers is a leading company in the product tanker industry, owning 84 vessels, which carry 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.




2020 December 1

11:07 Port of Mackay maintenance dredging set to begin
10:55 Damen supports 4th International Congress “Hydraulic Engineering Structures and Dredging” as its General Sponsor
10:38 MABUX: Bunker market this morning, Dec. 1
10:22 Admiral Gennady Nevelskoy ferry completes its commissioning trials
10:04 Wan Hai Lines to launch China – East India V (CI5) Service
09:46 Minerva Bunkering introduces the Advanced Delivery Platform
09:40 Oil prices continue decreasing
09:23 Baltic Dry Index as of November 30
09:15 Five-year cooperation agreement signed between the ports of Marseille and Montreal
08:34 Traffic dues for Kiel Canal will be suspended until the end of 2021

2020 November 30

18:36 Mina Rashid retains its title as the world’s leading cruise port at the World Travel Awards 2020
18:07 Seagoing vessels will pay a single tariff at North Sea Port from 1 January 2021
17:55 DP World’s Jebel Ali Port joins International Association of Ports and Harbours
17:36 Brittany Ferries’ new ship sets sail online
17:13 IAPH climate and energy working groups meet
16:48 Gasum continues to expand bunkering services
16:40 RWE and DEME Offshore install collars on offshore foundations
16:25 Fair treatment of seafarers and the COVID-19 pandemic on IMO Legal Committee's agenda
16:01 Report on maritime automation legislation commissioned by Finland’s Ministry of Transport and Communications pays attention to ensuring safety
15:37 Rosmorport conducted pilotage and docking of LNG tankers to temporary LNG Offshore Transshipment Complex in Barents Sea
15:14 "Wind Hunter Project" starts zero-emission project with wind propulsion and hydrogen
14:52 Port of Gdansk expects its tonnage to exceed 48 million tonnes in 2020
14:39 ABS and DSME sign JDP to explore using solid oxide fuel cells on-board VLCCs
14:30 Gazprom posts RUB 202.21 billion loss in 9M’2020
14:04 Uralhimmash shipped new equipment for NOVATEK’s facility in Ust-Luga
13:41 Average spot market price for Russian M100 product climbed to RUB 14,029 pmt
13:20 Diana Shipping announces time charter contract for m/v Polymnia with CLdN Cobelfret
12:56 Collaboration and digitalisation highlighted for Singapore’s maritime safety efforts at MPA’s International Safety@Sea Event
12:33 RF Government expands Vladivostok seaport territory
12:10 Abu Dhabi Ports supports the fight against COVID-19 with capacity to store and distribute 70M vaccines
11:49 LNG bunker fleet could increase fivefold by 2030
11:48 NIBULON launches a 90-m non-self-propelled vessel
11:27 RS optimizes Rules for Classification and Construction of Sea-Going Ships
11:03 Van Oord’s vessel completes turbine installation at Borssele III & IV offshore wind farm
10:45 NIB and Tallink Silja Oy agree COVID Response loan to support operations
10:22 Volga Shipping Company transported 3.2 million tonnes of grain in navigation season of 2020
10:16 Castor Marine takes over SeaVsat assets
09:59 MABUX: Bunker market this morning, Nov.30
09:38 Throughput of Chinese sea and river ports in 10M’2020 climbed by 3.7% YoY
09:20 Oil prices decrease in the beginning of the week
09:06 Baltic Dry Index as of July 7

2020 November 29

16:07 Port of Antwerp: New intermodal connections, October 2020
15:23 Lerwik Port Authority's Annual Review: Diverse customer base served Lerwik Harbour well in 2019
14:56 USCG, good Samaritan rescue 3 from sinking vessel near Cape Fear
13:28 BAE Systems secures Navy's contract for drydocking, maintenance and modernization of USS Wasp (LHD1)
12:41 Boluda’s new tug duo arrived in Rotterdam
11:48 Scorpio Bulkers announces the sale of Ultramax vessels
10:55 Pacific Basin expands its fleet with the acquisition of four modern Ultramax vessels

2020 November 28

15:51 Turkish shipbuilder orders boiler package from Parat for NB1105
14:23 Volkswagen Group selects marine biofuel leader GoodFuels to run fossil-free car transport operations
13:18 Fincantieri inks agreement with the Yucatán Gov’t for a new shipyard
12:27 Piriou has developed 100M cable vessel
11:39 Federal Maritime Commission increases global alliances' information monitoring report requirements
10:57 Managing passenger shipping for the benefit of all stakeholders

2020 November 27

18:27 First full-flow ballast water management system to receive Chinese Flag and CCS Type Approval
18:05 CLdN adds 2nd call on Zeebrugge - Cork route
17:47 Seagoing vessels mooring at North Sea Port will now pay a single tariff for the entire cross-border port area
17:26 FESCO delivered extra heavy power equipment from Russia to Bangladesh
17:05 LR, Anemoi and SDARI join forces on rotor sail designs
16:39 Interested parties invited to submit offers on development of deepwater terminal in Świnoujście