Maersk Results Presentation Deck
Maersk Group
- Interim Report 03 2015
Unit cost decreased by 11.1% to 2,310 USD/FFE benefitting from
decreased bunker prices and USD appreciation. Bunker cost
decreased 41.5% compared to 03 2014 driven by lower bunker
prices. Bunker efficiency deteriorated by 2.8% to 942 kg/FFE
(916 kg/FFE). Maersk Line's fleet utilisation was lower than
expected and down compared to both 02 2015 and 03 2014.
Cash flow from operating activities was USD 694m (USD 1.0bn)
and cash flow used for capital expenditure was USD 535m
(USD 483m) leaving a free cash flow of USD 159m (USD 546m).
The capital expenditure in Q3 2015 was related to the 11 new
Triple-E vessels ordered in 02 and the new order of nine 14,000
TEU vessels.
As part of its effort to improve profitability, Maersk Line an-
nounced in November to reduce its network capacity and
postpone investments in new capacity, while at the same
time reduce operating costs by further simplifying processes
and organisation.
By the end of 03, the Maersk Line fleet consisted of 282 owned
vessels (1.8m TEU) and 322 chartered vessels (1.2m TEU) with a
total capacity of 3.0m TEU.
Maersk Line's nominal fleet capacity decreased by 1.7% and
the average vessel size increased by 0.7% compared to 02 2015.
Compared to 03 2014 the nominal fleet capacity has increased
by 6.7%. Idle capacity at the end of Q3 2015 was 32,086 TEU
(three vessels) versus 1,122 TEU (one vessel) at the end of 03
2014. Maersk Line's idle capacity corresponds to around 4% of
total idle capacity in the market.
Contents
MAERSK LINE >
The Mærsk Mc-Kinney-Møller
during loading operations in
Tanjung Pelepas, Malaysia.
The contracted nine 14,000 TEU vessels with an option for eight
vessels more are scheduled to be delivered in 2017.
Maersk Line will continue to manage capacity and does not plan
to exercise the previously announced options for six 19,630 TEU
vessels and two 3,600 TEU feeders and will postpone decision
on the optional eight 14,000 TEU vessels.
The global container fleet has grown by almost 9% compared
to Q3 2014 and at the end of Q3 2015 it stood at 19.7m TEU of
which 4.0% were idle. Deliveries amounted to 501,000 TEU
(64 vessels) and 28,000 TEU (23 vessels) were scrapped during
Q3 2015. During the same period 794,000 TEU (157 vessels) of
new capacity were ordered, keeping the order book at around
21% of the fleet (Alphaliner).
SWL FOR WIN-FORCONTAINER T
SNL UNDER CARG EAM
ZPMC
T191
10/40View entire presentation