Maersk Tankers provides improved financial results
Maersk Oil Tankers announced better financial performance in 2019, with sales rising to USD 727.7 million (USD 647 million) and a pre-tax profit of USD 91.4 million (USD 35 million loss).
Freight markets improved across all segments of tankers, especially in the fourth quarter, and in line with expectations from Maersk Oil Tankers. The primary factors were continued growth in demand for oil, increased shipping in preparation for the coming into force of the new sulfur regulation in 2020 and sanctions restricting the vessel supply available.
Throughout the year new digital steps were taken to reduce CO2 emissions and raise earnings. The software product SimBunker has been used to reduce bunker spending on the vessel fleet. The initial usage produced healthy profits, and it will continue to be used by the fleet due to the considerable potential of the software product.
In addition, SimTanker research started on the LR2 vessels in the fourth quarter, providing charterers with a data-driven trade signal to help business decision-making on optimum vessel positioning in the highly cyclical tanker industry.
Through means of economic and technological changes, CO2 emissions from the fleet are lowered through 5.4 percentage points, taking the overall reduction to 25.4 percent (2008-2019). The research will continue to meet the CO2 emission reduction goals by 30 percent by the end of 2021 and 45 percent by 2030.
The financial stability and role of Maersk Product Tankers has been strengthened through the sale of 12 vessels and a sale and leaseback deal for four MR vessels, promoting the opportunity to invest when market rates are competitive and competitive shareholder returns are locked in.
The company has taken delivery of four MR newbuildings to continue satisfying customer demand for a modern fleet.
Maritime Business World