Maersk Tankers sees tough but profitable 2010

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 May 2010

Tanker shipping rates have risen after a "disastrous" 2009, and though tanker earnings will be below historic averages in 2010, the business should be profitable, the head of Maersk Tankers said. Soren Skou, chief executive of the tanker division of Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO), told the Reuters Global Energy Summit that while 2010 remains challenging he is "quite positive" about prospects in 2011-2012.
"My assessment is that it (2010) will be a difficult year, with below historic average earnings, but better than 2009," said Skou of the tanker market.
"We are expecting to return to profitability this year," Skou said. "We had a positive result for the first quarter that was helped by (vessel) sales gains ... and we came in from the trading of the ships just around break-even."
In its first-quarter report, A.P. Moller-Maersk said that 2010 had begun better than expected and it forecast a profit for the group for the full year, but its statement did not give a separate earnings outlook for Maersk Tankers.

Source: Reuters