Maersk Tankers has had a very satisfactory Q1 2016. The rates in the market are slightly lower than in Q1 2015, but due to initiatives from The Taking Lead Strategy, which was launched in August 2014, the results in Q1 2016 are better than in Q1 2015. The improvements result from cost leadership initiatives and especially from the use of data in the commercial business, which increases the number of cargos with a profit above market average and a higher utilization of the vessels.
Maersk Tankers has had a very satisfactory Q1 2016 with a result of USD 48 m (USD 36 m in Q1 2015) and a Return On Invested Capital of 11.5% (9% in Q1 2015). The Underlying Result for Q1 2016 is USD 46 m, against an Underlying Result of USD 34 m in Q1 2015.
A couple of years ago Maersk Tankers decided to focus on the product tanker market – a strategic decision through which Maersk Tankers expects to be able to achieve the best earnings in the long run. The focus on the product tanker market as part of the Taking Lead Strategy can be seen as the basis of the improved earnings in Q1 2016.
“It is highly satisfying that we, through the initiatives from our Taking Lead Strategy – Cost Leadership and Active Position Taking – have improved our results in Q1 2016 compared to Q1 in 2015. With the focus on Daily Running Costs, getting the most profitable cargos and having a high utilization, we have been able to make this possible – even though the rates were lower in Q1 2016,” says Morten H. Engelstoft, CEO of Maersk Tankers.