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Maersk net profit significantly down in Q2 2023; amid lower costs, consumption of bunker fuel

Company consumed 2,432,000 metric tonnes (mt) of marine fuel in Q2 2023, 8.3% lower than 2,651,000 mt of bunker fuel during Q2 2022.

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Integrated container logistics company A.P. Moller – Maersk recorded a sharp drop in net profit for the second quarter of 2023 (Q2 2023) due to gains from its Ocean business.

The company posted total net profit of USD 1.5 billion in Q2 2023 from its Ocean, Logistics & Services, and Gateway Terminals businesses, decreasing from net profit of USD 8.6 billion in Q2 2022.

Total revenue across its three business segments in Q2 2023 was USD 13 billion, decreasing from revenue of USD 21.7 billion in Q2 2022.

Specifically, its Ocean business segment experienced a revenue downturn to 8.7 USD billion in Q2 2023 from USD 17.4 billion in the year before, driven by a decrease in freight rates and loaded volumes.

“The Q2 result contributed to a strong first half of the year, where we responded to sharp changes in market conditions prompted by destocking and subdued growth environment following the pandemic fuelled years,” said Vincent Clerc, CEO of Maersk. 

“Our decisive actions on cost containment together with our contract portfolio cushioned some of the effects of this market normalisation. Cost focus will continue to play a central role in dealing with a subdued market outlook that we expect to continue until end year. While we step this agenda further up, we are unwavering in our transformation and continue to invest in and deliver truly integrated logistics solutions to our customers and amplify their supply chain resilience for the uncertain times ahead.”

Maersk’s bunker costs in Q2 2023 dropped to 1.440 billion from USD 2.193 billion in Q2 2022; its average bunker price in Q2 2023 was USD 592 per metric tonne (pmt), compared to USD 827 pmt during the similar period last year. 

The company consumed 2,432,000 metric tonnes (mt) of marine fuel in Q2 2023, 8.3% lower than 2,651,000 mt of bunker fuel during Q2 2022. Bunker efficiency decreased by y 2.9% to 40.7 g/TEU*NM (41.9 g/TEU*NM).

Note: The full Q2 2023 Report of A.P. Moller – Maersk can be obtained from its website here.

 

Photo credit: A.P. Møller – Mærsk
Published: 7 August, 2023

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Singapore: MPA issues circular on resolutions adopted at IMO MSC 109

New circular informs shipping community of the resolutions, including on use of ammonia cargo as bunker fuel, and urges the shipping community to prepare for the implementation of these resolutions.

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The Maritime and Port Authority of Singapore (MPA) on Monday (17 March) issued Shipping Circular No. 2 of 2025 regarding resolutions adopted by the 109th session of the Maritime Safety Committee (MSC 109) of the International Maritime Organization (IMO), which was held from 2 to 6 December 2024:

This circular informs the shipping community of the resolutions adopted by MSC 109 and urges the shipping community to prepare for the implementation of these resolutions.

MSC 109 adopted the following mandatory resolutions:

Resolution MSC.566(109) – Amendments to the International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code)

This resolution adopts amendments to Chapter 16 of the IGC Code, mainly to allow the use of ammonia cargo as fuel. The amendments will enter into force on 01 July 2026 and will be given effect through the Merchant Shipping (Safety Convention) Regulations.

Resolution MSC.567(109) – Amendments to the International Code of Safety for Ships using Gases or other Low-flashpoint Fuels (IGF Code)

This resolution adopts amendments to IGF Code regarding ship design and arrangements; general pipe design; safety functions of the gas supply system; fire protection; hazardous area zones; and ventilation requirements. The amendments will enter into force on 01 January 2028 and will be given effect through the Merchant Shipping (Safety Convention) Regulations.

MSC 109 also adopted the following resolutions:

Resolution MSC.568(109) – Amendments to the Revised recommendation on testing of life-saving appliances (resolution MSC.81(70))

This resolution adopts amendments to Part 1- Prototype Test for Life-saving Appliances, for self-righting test requirements of totally enclosed lifeboats, under paragraph 6.14.1.1 of the Revised recommendation on testing of life-saving appliances (resolution MSC.81(70)).

Resolution MSC.569(109) – Performance standards for the reception of maritime safety information and search and rescue related information by MF and HF digital navigational data (NAVDAT) system

This resolution adopts the Performance standards for the reception of maritime safety information and search and rescue related information by MF and HF digital NAVDAT system.

Resolution MSC.509(105)/REV.1 – Provision of radio services for the Global Maritime Distress and Safety System (GMDSS)

This resolution adopts the revised Recommendation on provision of radio services for the GMDSS, the Criteria for use when providing shore-based digital selective calling (DSC) facilities for use in the GMDSS, the Criteria for establishing GMDSS sea areas, the Criteria for use when providing a NAVTEX service and the Criteria for use when providing a NAVDAT service, set out in annexes 1 to 5, respectively, to the resolution. This resolution revokes resolution MSC.509(105).

Resolution MSC.570(109) – Performance standards for a universal shipborne Automatic Identification System (AIS)

This resolution adopts the revised Performance standards for a universal shipborne AIS, recognising the need for measures to prevent unauthorised entry or tampering of the ship's identity information in shipborne AIS.

Any queries relating to this circular should be directed to MPA Shipping Division via email at [email protected]

 

Photo credit: Maritime and Port Authority of Singapore
Published: 18 March, 2025

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Singapore-based AET appoints Nick Potter as new President and CEO

Potter, who assumes the CEO role from Zahid Osman, also assumed the role of Vice President, Petroleum & Products at MISC Group, joining the MISC Executive Leadership Team.

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Singapore-based AET appoints Nick Potter as new President and CEO

Singapore-headquartered AET, MISC’s petroleum arm, on Monday (17 March) announced the appointment of Nick Potter as the new President and Chief Executive Officer (CEO) of the company. 

Potter also assumed the role of Vice President, Petroleum & Products at MISC Group, joining the MISC Executive Leadership Team. 

With over 35 years of experience in the maritime and energy sectors, Potter has led commercial, technical, and operational teams across the globe. He previously served as Head of Shipping and Maritime for Asia, Pacific, and the Middle East at Shell, and before that, as Global Head of Maritime at BG Group. 

His career began at sea as an Engineering Officer, before progressing through various roles at Shell and BG, giving him deep expertise in maritime logistics and the tanker business. 

Beyond his leadership roles, Potter is a strong advocate for energy transition, maritime talent development, and seafarer welfare. He has actively contributed to key industry bodies, including OCIMF, the Singapore Maritime Foundation, and the International Chamber of Shipping's Clean Energy Marine Hubs Task Force. 

Outgoing CEO Zahid Osman welcomed Potter in a symbolic leadership handover at AET’s headquarters, marking a new chapter in our journey. 

“As Zahid takes on his expanded leadership role as President & Group CEO at MISC, we look forward to continuing our close collaboration as part of MISC Group,” AET added.

 

Photo credit: AET
Published: 18 March, 2025

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AAL Shipping names methanol-ready multipurpose heavy lift vessel in China

Singapore-based AAL Shipping says it held a naming ceremony for “AAL Dubai” – a multipurpose heavy lift vessel that is methanol-ready – at CSSC Huangpu-Wenchong Shipyard in Guangzhou.

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AAL Shipping names methanol-ready multipurpose heavy lift vessel in China

Singapore-headquartered project heavy lift carrier AAL Shipping (AAL) on Thursday (13 March) said it held a formal naming ceremony for its fifth Super B-Class vessel, AAL Dubai

The 32,000 dwt AAL Dubai – a multipurpose heavy lift vessel that is methanol-ready – was officially named on March 12 at the CSSC Huangpu-Wenchong Shipyard in Guangzhou, China.

The AAL Dubai is engineered to transport a vast array of cargo, including heavy lift project equipment, breakbulk, and dry bulk, all on a single voyage. With a combined lifting capacity of 700 tonnes, this vessel is designed to offer high efficiency, cargo flexibility, and economies of scale to shippers worldwide.

The vessel will now embark on its maiden voyage, joining sister vessels AAL Limassol, AAL Hamburg, AAL Houston, and AAL Antwerp in serving project cargo customers across Asia, Europe, the Middle East, and the Americas.

“We are now over the halfway mark with our Super B-Class deliveries, and those already in service are exceeding our expectations,” said Liew Teck Liong, Chief Financial Officer at AAL.

“With these vessels, we have achieved both company and industry firsts, and we look forward to redefining what a heavy lift, multipurpose vessel can accomplish as we deploy them for complex cargo challenges.”

Later this year, AAL will take delivery of the AAL Dammam, which will be shortly followed by the AAL Newcastle and AAL Mumbai that have an increased maximum heavy lift capability of 800 tonnes.

 

Photo credit: AAL Shipping
Published: 18 March, 2025

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