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Crude oil boosted Maersk Tankers to massive profit

With a whopping USD 450 million improvement, not least due to the VLCC divestment, Maersk Tankers managed a turnaround following several years with negative results. But the positive effect from the low oil price will be a passing phenomenon, CEO Morten Engelstoft tells ShippingWatch.

Photo: Maersk

Maersk Tankers delivered a bottom line improvement of USD 450 million compared to the year before.

"We've of course been supported by a strong market where the low oil prices have resulted in stockpiling, which also gave us a good start to 2015. We're very pleased with that, but we still believe that lower oil prices will not lead to increased consumption, and at some point the prices will start to rise again. So we actually view the effect of the low oil price as a passing phenomenon, though we decline to venture a guess at exactly how long it will last," says Morten Engelstoft, CEO of Maersk Tankers and the core business unit APM Shipping Services (Maersk Tankers, Damco, Maersk Supply Services and Svitzer) in an interview with ShippingWatch.

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