2025 Annual Report
Maersk Product Tankers A/S
The report was presented and approved at the Annual General Meeting
Chair of the meeting Anette Ryde
27 March 2026
Company reg. no. 39 06 70 64
MAERSK PRODUCT TANKERS A/S
MANAGEMENT REVIEW
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CONTENTS
Management review .................................................. 3
Management review ............................................................................................... 4
Energy value chain .................................................................................................. 6
Key figures and financial ratios ........................................................................... 7
Sustainability ............................................................................................................ 9
Financial statements................................................ 12
Reports ......................................................................... 46
Statement of the Board of Directors and the Executive
Management ........................................................................................................... 47
............................................................................ 48
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MANAGEMENT REVIEW
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MANAGEMENT
REVIEW
Maersk Product Tankers is a significant player in the product tanker
industry, owning 36 vessels which carry refined energy products
worldwide for customers. The company is owned by A.P. Møller
Holding A/S and Mitsui & Co., Ltd. and is headquartered in
Copenhagen, Denmark.
efficiency at its core to service customers and optimise value for
owners.
Maersk Tankers is responsible for the commercial and corporate
management of the Maersk Product Tankers fleet, while Synergy
parties work together to ensure that the vessels are deployed and
operated optimally to boost environmental and economic
performance.
FINANCIAL HIGHLIGHTS
In 2025, Maersk Product Tankers had revenues of USD 417.0m (USD
575.7m), and a result before tax of USD 91.2m (USD 215.2m). The
results were higher than expected and positively impacted by
relatively high but volatile spot market rates and were also supported
by gains from the sale of vessels.
Average earnings in 2025 fell significantly short of 2024 but
remained above average historic levels. Attractive assets markets
enabled us to sell older tonnage at attractive prices during the year.
MARKET
The energy markets continued to see high levels of volatility and
complexity from the geopolitical landscape in 2025. Freight rates had
weakened in the second half of 2024 and into 2025 but strengthened
over the second half of the year following production hikes by OPEC+
nations as well as the tightening of sanctions on Russia.
In 2026, we expect market volatility and complexity to remain at high
levels driven by the geopolitical situation. While currently at elevated
levels, markets are expected to decline over the coming 18 months as
supply picks up but geopolitical tensions continue to add risk
premiums.
ACTIVITIES DURING THE YEAR
The asset markets remained active during 2025, as tanker demand
remained high in a strong freight-rate environment. We sold four
vessels of older tonnage at attractive prices and delivered three
vessels during the year and expect to deliver two vessels in early
2026. By year end, the fleet totalled 36 vessels compared to 39
vessels in 2024.
Maersk Tankers established in-house technical management
the gas carrier segment, where customers increasingly require
technical expertise closely integrated with the commercial
organisation. Technical management of the Maersk Product Tankers
fleet is included to ensure scale benefits and operational efficiency.
ENERGY EFFICIENCIES
We continue to remain focused on maintaining strong vessel
performance and optimizing fuel consumption. In 2025, a total of 14
vessels underwent dry-docking, during which premium hull coatings
nce hull
performance and further improve fuel efficiency.
Our long-standing partnership with Njord and other technical
driving innovation. In 2025 alone, Maersk Product Tankers worked
with Njord to introduce four different efficiency-enhancing
technologies across the fleet, expanding our technical knowledge
base and accelerating improvements.
Across the full fleet, the ZeroNorth digital platform continued to play
a critical role in voyage optimization, helping vessels operate at the
most efficient speeds and further reducing overall fuel consumption.
SAFETY
The geopolitical crises and escalating tensions between several
countries remain a concern. Maersk Product Tankers is committed to
prioritise the safety of our people, cargo and assets and monitoring
the latest developments continuously to ensure that appropriate
measures are taken to safeguard our interest.
OUTLOOK
The high levels of volatility and complexity from the geopolitical
landscape are expected to continue into 2026. Maersk Product
Tankers expect EBIT for 2026 to be in line with 2025.
RISKS
Freight Rates
Maersk Product Tankers is exposed to fluctuations in global freight
rates, bunker prices and vessel prices. Vessels are largely exposed in
the spot market, but coverage is applied selectively if deemed
attractive. Currently, 8% of vessel days in 2026 have been covered
through time-charters.
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Currency and Interest rates
is spread across several currencies, including USD. It is Maersk
of non-USD denominated operating costs for the next 12 months and
hedge at least 80% of the currency effects of committed financial
and investment cash flows. As of 31 December 2025, Maersk Product
Tankers had 61% (50% in 2024) of the exchange rate risk of its full
year 2026 spend hedged through the use of FX hedges.
, but the
company is exposed to changes in interest rates. It is Maersk Product
interest rate-equivalent basis, either through outright fixed-rate
financing or by hedging floating-rate financing. As of 31 December
2025, 79% (64
nature, fixed rate.
Counterparties
Maersk Product Tankers has exposure to financial and commercial
counterparties through pools where ships are operated. The pools
themselves provide diversification, but also manages those
exposures through the use of credit risk frameworks. To manage
credit risks, a limit structure and vetting process has been put in place
for all counterparties to avoid concentrations of credit exposure on
particular counterparties or risk tranches.
MAERSK PRODUCT TANKERS A/S
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VESSEL SEGMENTS IN MAERSK PRODUCT TANKERS’ FLEET
(2025)
ENERGY VALUE CHAIN
Companies operating in the industry carry energy products from refineries to distribution points determined by customers who are mainly energy majors and trading
houses.
INTERMEDIATE
15-20,000 dwt
Trading area: Northwest
Europe, Asia
Products: Clean, dirty
HANDY
25-42,000 dwt
Trading area: Global
Products: Clean, dirty, chemicals, vegetable
oils
MR
45-55,000 dwt
Trading area: Global
Products: Clean, dirty,
vegetable oils
Exploration and Production
Refining
Shipping–
Crude Tankers
Distribution
Retail
Shipping –
Product Tankers
PRODUCTS
Clean Petroleum Products (CPP), e.g. gasoline, diesel, naphtha and jet fuel, mainly used in transportation, industrial and chemical industries
Dirty Petroleum Products (DPP), e.g. fuel oil and crude oil, mainly used for refining or industrial purpose, incl. transportation
Vegetable and other edible oils, e.g. sunflower oil, mainly used in the food industry
MAERSK PRODUCT TANKERS A/S
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KEY FIGURES AND FINANCIAL RATIOS
Amounts in USD million
Income statement
2025
2024
2023
2022
2021
Profit before depreciation and impairment losses (EBITDA)
148.6
262.8
308.1
324.4
69.5
Profit/loss before financial Items (EBIT)
108.8
236.9
272.9
297.0
-8.9
Profit/loss before tax
91.2
215.2
250.4
266.5
-58.6
Profit/loss for the year
106.2
228.2
261.3
268.4
-46.1
Balance sheet
Cash flow statement
Financial ratios
MAERSK PRODUCT TANKERS A/S
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MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
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FINANCIAL STATEMENTS
Consolidated financial statements | Parent company financial statements | Management’s statement
| Independent auditor’s report
MAERSK PRODUCT TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
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CONSOLIDATED
FINANCIAL STATEMENTS
Consolidated income statement | Consolidated statement of comprehensive income
| Consolidated balance sheet at 31 December | Consolidated cash flow statement
| Consolidated statement of changes in equity | Notes to the consolidated financial statements
MAERSK PRODUCT TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
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FINANCIAL STATEMENTS
CONTENTS
Consolidated financial statements .................................................. 13
Consolidated income statement for 1 January to 31 December ..................................................... 15
Consolidated statement of comprehensive income ........................................................................... 15
Consolidated balance sheet at 31 December ......................................................................................... 16
Consolidated cash flow statement ........................................................................................................... 17
Consolidated statement of changes in equity ...................................................................................... 17
Notes to consolidated financial statements ............................... 18
Note 1: Operating costs ................................................................................................................................... 19
Note 2: Gain on sale of non-current assets, etc., net ............................................................................. 19
Note 3: Financial income and expenses ..................................................................................................... 19
Note 4: Tax .........................................................................................................................................................20
Note 5: Property, plant and equipment incl. impairment .....................................................................20
Note 6: Leases ....................................................................................................................................................21
Note 7: Assets held for sale and assets sold during the year .............................................................. 22
Note 8: Borrowings .......................................................................................................................................... 22
Note 9: Net debt ............................................................................................................................................... 23
Note 10: Provisions .......................................................................................................................................... 23
Note 11: Financial instruments by category .............................................................................................. 23
Note 12: Financial risks, etc. ........................................................................................................................... 24
Note 13: Commitments .................................................................................................................................. 26
Note 14: Cash flow specifications ................................................................................................................. 26
Note 15: Derivatives ......................................................................................................................................... 27
Note 16: Related parties ................................................................................................................................. 28
Note 17: Contract balances .......................................................................................................................... 28
Note 18: Significant accounting policies.................................................................................................. 29
Note 19: Significant accounting estimates and judgements ............................................................ 32
Note 20: Contingent assets, liabilities and pledges ............................................................................ 33
Note 21: Events after the balance sheet date ....................................................................................... 33
Note 22: Company overview ........................................................................................................................ 33
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
15
Note
Amounts in USD thousands
2025
2024
Revenue
1
Operating costs
-267,943
- 312,752
Other income
Other costs
-1,980
- 1,563
Profit before depreciation and impairment losses (EBITDA)
2
Gain on sale of non-current assets, etc., net
5,6
Depreciation, impairment losses and impairment reversals, net
-69,178
- 69,512
Profit before financial items (EBIT)
3
Financial income
3
Financial expenses
-24,828
- 28,120
Profit before tax
4
Tax
Profit for the year
Note
Amounts in USD thousands
2025
2024
Profit for the year
Cash flow hedges
Value adjustment of hedges for the year
-1,235
Reclassified to income statement:
- vessel operating costs
-527
- financial expenses
Tax on other comprehensive income
Total items that have been or may be reclassified subsequently
-461
Other comprehensive income, net of tax
-461
Total comprehensive income for the year
CONSOLIDATED INCOME STATEMENT FOR
1 JANUARY TO 31 DECEMBER
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
16
Note
Amounts in USD thousands
2025
2024
5
Property, plant and equipment
6
Right-of-use asset
15
Derivatives
Deferred tax assets
Total non-current assets
Inventories
Trade receivables
Tax receivables
9
Loan receivables
Other receivables
Prepayments
Other current assets
Cash and cash equivalents
7
Assets held for sale
Total current assets
Total assets
Note
Amounts in USD thousands
2025
2024
Share capital
Retained earnings
Reserves for hedging
-318
Dividend proposed for the year
Total equity
8
Borrowings, non-current
Total non-current liabilities
8
Borrowings, current
10
Provisions
Trade payables
Tax payables
Other payables
15
Derivatives
Deferred income
Other current liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
17
Note
Amounts in USD thousands
2025
2024
Profit before financial items (EBIT)
Depreciation, impairment losses and impairment reversals, net
2
Gain on sale of non-current assets
-29,317
-43,529
Profit before depreciation and impairment losses (EBITDA)
14
Change in working capital
-11,167
Change in provisions
Other non-cash items
-1,583
Cash generated from operations before financial items and tax
Interest received
Interest paid
-25,448
-30,711
Tax received
Net cash from operating activities
14
Investment in vessels
-57,402
-70,639
Proceeds from disposals
Cash in subsidiary on distribution of dividend-in-kind
-265,057
Change in loan receivables
-406
Net cash from investing activities
-10,189
-263,511
Dividend distributed
-50,000
-75,000
Proceeds from new borrowings
Repayment of borrowings
-84,318
-185,900
Net cash from financing activities
-134,318
-124,900
Net cash flow for the year
-10,344
-128,671
Liquid funds at beginning of period
Exchange gain on Liquid funds
Liquid funds at end of period
Amounts in USD thousands
Share capital
Reserve for
hedges
Retained
Earnings
Dividend
Proposed
Total equity
Equity 1 January 2024
Profit for the year
Other comprehensive income, net of tax
-461
-461
Total comprehensive income for the year
-461
Interim dividends to shareholders
-410,796
-410,796
Total transactions with shareholders
-410,796
-410,796
Equity 31 December 2024
-318
2025
Profit for the year
Other comprehensive income, net of tax
Total comprehensive income for the year
Interim dividends to shareholders
-50,000
-50,000
Total transactions with shareholders
-50,000
-50,000
Equity 31 December 2025
The share capital consists of 10 million shares with a nominal value of DKK 1 per share. The shares are
divided into two share classes; A (nominal value DKK 2.5m) and B (nominal value DKK 7.5m) with A shares
carrying three votes and B shares carrying one vote in voting power.
CONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
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NOTES TO
CONSOLIDATED
FINANCIAL STATEMENTS
MAERSK PRODUCT TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
19
Note 1: Operating costs
Total operating costs
267,943
312,752
Remuneration of employees
Total remuneration
4,359
4,131
*The remuneration of the employees are recharged to Maersk Tankers A/S and corporate management
fees are paid in return.
The remuneration of Executive Management of USD 2.8m (USD 2.3m) in salaries and any incentive plans
are included in the management fees paid to Maersk Tankers A/S.
The Board of Directors have received fees of USD 0 (USD 0m).
Fees to PricewaterhouseCoopers
Total fees
131
124
Note 2: Gain on sale of non-current assets, etc., net
Gain on sale of non-current assets, etc., net
29,317
43,529
Note 3: Financial income and expenses
Net interest expenses
- 17,585
- 21,872
Net foreign exchange gains
23
164
Financial expenses, net
- 17,563
- 21,709
For an analysis of gains and losses from derivatives, reference is made to note 15.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
20
Note 4: Tax
Tax recognised in the income statement
Total current tax
14,879
7,593
Total deferred tax
340
5,628
Total tax expense/income
14,976
13,002
Tax reconciliation
Profit/loss before tax, adjusted
-17,563
-21,709
Total income tax
15,219
13,221
Shipping activities are taxed on the basis of the net tonnage (tonnage tax). Furthermore, Maersk Product
Tankers A/S is part of a joint taxation with A.P. Møller Holding A/S and its Danish subsidiaries regarding
general tax regulations for net financial items and other activities in Denmark.
Total
27,129
25,582
The tax value of the loss carry forward is USD6.0m (USD5.6m). The deferred tax assets have been
recognised in 2024 and 2025 and is expected to be utilised as part of the joint taxation subsequent to
2026.
Note 5: Property, plant and equipment incl. impairment
Cost
31 December 2024
1,232,289
406
5,373
1,238,068
31 December 2025
1,136,732
406
11,934
1,149,072
Depreciation and impairment losses
31 December 2024
683,809
193
0
684,002
31 December 2025
636,759
328
0
637,087
Carrying amount
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
21
Property, plant and equipment are reviewed for any impairment indicators for each cash generating unit
(CGU). Indicators of a possible reversal of impairment have been identified as of 31 December 2025 as
there was an increase in the market value of vessels.
The recoverable amounts of the vessels were determined using the value-in-use, with each vessel
segment being regarded as one CGU. The estimated value in use is calculated using certain key
assumptions for the expected future cash flows and applied discount factor. A discount rate of 8% has
been applied. The value-in-use showed values on level with carrying amount. Furthermore, no significant
changes or improvements in the service condition of the vessels have been identified since the recognised
impairments. No impairment or reversal of impairment was recorded arising from the impairment test.
In 2025, the Group has entered into agreements to sell two MR vessels and two handytankers. Two of the
vessels have been delivered to the owners in 2025, while one MR vessel and one handytanker remain
under asset held for sale. These transactions resulted in a total impairment reversal of USD2.5m (USD
2.8m) and a gain on sale of USD 29.3m (USD 43.5m).
As the agreements concluded in 2025 and 2024 are assessed to be specific for these vessels and similar
agreements on the remainder of the vessels were not obtainable, it was concluded that the transactions
do not trigger a reversal or an additional impairment on other vessels within the Groups CGUs.
Property, plant and equipment include nine vessels that are recognised as a part of a sale and leaseback
transaction, which is accounted for as a financing transaction due to purchase options. The carrying amount
of the vessels as per 31 December 2025 amounts to USD 210.1m (cost price USD 310.1m less depreciation and
impairment of USD 100m).
Recognition of right-of-use asset
As at 31 December 2024
366
366
As at 31 December 2025
122
122
Net Carrying amount
Lease liability
As at 31 December 2024
371
371
As at 31 December 2025
142
142
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
22
Lease liabilities are recognised in the balance sheet as follows
2024
371
371
2025
142
142
Recognised in the profit and loss statement as follows:
2024
2025
Recognised in the cash flow statement as follows:
2024
-271
-271
2025
-241
-241
Note 7: Assets held for sale and assets sold during the year
During the year 2025, the Group sold four vessels. This have led to a reversal of impairment of USD 2.5m.
As at end of 2025, the Group had two vessels presented as Asset Held for Sale, contributing to the amount
of USD 16.8m.
During the year 2024, the Group sold five vessels. This have led to a reversal of impairment of USD 2.8m.
As at end of 2024, the Group had one vessel presented as Asset Held for Sale, contributing to the amount
of USD 4.6m.
Note 8: Borrowings
Total
296,805
381,123
Fair value of derivatives hedge of borrowings, net
- 1,615
-2,100
Cost
31 December 2024
380,752
371
381,123
31 December 2025
296,663
142
296,805
Reference is made to Liquidity risk in Note 12 of the consolidated financial statements for covenants
related to borrowings.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
23
Note 9: Net Debt
Net debt
250,513
325,049
Note 10: Provisions
31 December
1,339
1,010
The majority of the provisions are to cover commercial claims and are expected to be settled within one
year.
Note 11: Financial Instruments by Category
Carried at amortized cost
Total interest-bearing receivables
2,364
2,364
1,802
1,802
Financial assets at amortized costs
133,165
124,592
Carried at fair value
Total financial assets
133,435
Carried at amortized costs
Financial liabilities at amortized costs
365,324
441,369
Carried at fair value
Total financial liabilities
367,021
444,780
Financial instruments measured at fair value
Financial instruments measured at fair value can be divided into three levels:
▪ Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;
▪ Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);
▪ Level 3 Inputs for the asset or liability that are not based on observable market data.
Fair value of derivatives is within level 2 of the fair value hierarchy and is calculated on the basis of
observable market data as of the end of the reporting period.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
24
Note 11: Financial instruments by category -continued
Financial instruments carried at amortised cost
Fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not
materially different from the carrying amount. In general, fair value is determined primarily based on the
present value of expected future cash flows. Where a market price was available, however, this was
deemed to be the fair value.
Note 12: Financial risks, etc.
The G
▪ Market risks, i.e. currency risk and interest rate risk
▪ Credit risk
▪ Liquidity risk
The G
seeks to minimise the potential adverse effects on the G Group uses
derivative financial instruments to hedge certain risk exposures.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates,
will affect the G
Currency risk
The G
mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such as
DKK, EUR and SGD. As the net income is in USD, this is also the primary financing currency.
The main purpose of hedging the G
value of the GGGroup
uses forwards to hedge these risks. The key aspects of the currency hedging policy are as follows:
▪ Net cash flows in other significant currencies than USD are hedged using a layered model with a 12-
month horizon.
▪ Commercial and financial exposures such as investments, divestments and debt in currencies other
than USD are hedged according to the financial policy.
Note 12: Financial risks, etc. -continued
The sensitivity analyses for currency risk have been prepared on the basis that the proportion of financial
instruments in foreign currencies remain unchanged from hedge designations in place on 31 December
2025. Furthermore, it is assumed that the exchange rate sensitivities have a symmetric impact, i.e. an
increase in rates results in the same absolute movement as a decrease in rates. The sensitivity analyses
show the effect on both pre-tax profit and equity that would result from a reasonably possible change in
exchange rates.
An increase in the USD exchange rate of 10% against all other significant currencies to which the Group is
exposed is estimated to have an impact of USD 0.2m (USD 0.2m) on the Gprofit and loss and an
adverse impact of USD 0.6m (USD 0.7m) on the other comprehensive income.
Interest rate risk
The Group has all its debt denominated in USD.
The Group strives to maintain a combination of fixed and floating interest rates on its net debt, reflecting
expectations and risks. The hedging of the interest rate risk is governed by a minimum level of fixed rate
debt obtained through the use of interest rate swaps. As of 31 December 2025, 63% (58%)
total debt was, by nature or through the use of swaps, fixed rate.
The sensitivity analyses for interest rate risk have been prepared on the basis that the amount of net debt
and the ratio of fixed to floating interest rates of the debt remain unchanged from hedge designations in
place on 31 December 2025. Furthermore, it is assumed that the interest rate sensitivities have a symmetric
impact, i.e. an increase in rates results in the same absolute movement as a decrease in rates. The sensitivity
analyses show the effect on both pre-tax profit and equity that would result from a reasonably possible
change in interest rates.
An increase in interest rates by one percentage point is estimated to decrease profit for the year by USD
0.2m (USD 0.9m) and increase other comprehensive income by USD 0 (USD 0). This analysis is based on
borrowings and cash at 31 December, and assumes that all other variables remain constant. A one
percentage point decrease in interest rates would have a corresponding inverse effect.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
25
2025
2024
Credit risk
Loan receivables
Maersk Product Tankers has exposure to different counterparties from sale of vessels and actively
manages those exposures based on the credit risks associated with the individual counterparts.
The Group applies the general method prescribed in IFRS 9 to assess any potential credit losses.
Considering different scenarios, which indicate a need for a credit loss on loan receivables, a credit loss of
USD 0m (USD 0m) has been recognised.
Trade receivables
Maersk Product Tankers has exposure to financial and commercial counterparties and actively manages
those exposures through our credit risk frameworks. To minimise the credit risk, a limit structure and
vetting process is in place for all counterparties, to ensure that concentrations of credit exposure on
particular counterparties or risk tranches are avoided.
The Group applies the simplified approach to providing the expected credit losses prescribed by IFRS 9,
which permits the use of the lifetime expected loss provision for all trade receivables. To measure the
expected credit losses, trade receivables have been grouped based on shared credit risk characteristics
and the days past due. In accordance with IFRS 9, also non-due trade receivables have been impaired.
Carrying amount
59,681
54,066
Approx. 80.6% (12.6%) of the expected credit loss is related to trade receivables overdue by more than
one year.
Liquidity risk
In order to provide cover for the cyclical nature of the business, the Group is committed to keep a
minimum liquidity reserve. The purpose of the G -term
payment obligations can be honoured at all times and ensure compliance with financial covenants from
lenders. The financial covenants from lenders are related to minimum cash position, minimum loan to
value ratio and equity-to-assets.
All loans have cross-default clauses. As of 31 December 2025, the Group had a liquidity reserve of USD
194.3m (304.0m), which includes undrawn loan facilities of USD 150.4m (USD 249.8m). The equity share
of total equity and liabilities was 45.4% at the end of 2025 (36.3%).
Liquidity reserve is defined as undrawn loan facilities with maturities in excess of 12 months, cash and
bank balances.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
26
2025
Total
367,021
158,662
239,804
0
398,466
2024
Total
444,780
228,008
263,563
0
491,571
The weighted average term to maturity of loan facilities in the Group is about one year as at 31 December
2025 (about two years at 31 December 2024).
Note 13: Commitments
The Group has no outstanding commitments in 2025 and 2024.
Note 14: Cash flow specifications
Change in working capital Total
-11,167
6,899
Purchase of property, plant and equipment
- 57,402
- 70,639
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
27
Note 15: Derivatives
Hedges consists of currency derivatives and interest rate derivatives. Foreign exchange forwards
contracts are used to hedge the currency risk related to recognised and unrecognised transactions.
Interest rate swaps are used to hedge interest rate exposure on borrowings.
Hedge of operating cash flows in foreign currencies
Currency derivatives hedge future operating costs and are recognised on an ongoing basis in the income
statement. The maturity of the hedges is within a year.
For hedges related to operating cash flows USD 0.5m (-0.5m) is recognised in other comprehensive income
and USD 0.2m (-0.3m) is in the cash flow hedge reserve in equity at 31 December 2025.
Hedge of borrowings
Interest rate swaps are used to swap variable interest payments on term loans to fixed interest payments.
All interest rate swaps are designated as cash flow hedges.
The notional amount of interest rate swaps at 31 December 2025 and 2024 amounts to USD 0.
For cash flow hedges related to borrowings, USD 0 is recognised in other comprehensive income and in
the cash flow hedges reserve in equity at 31 December 2025 and 2024.
The hedge ratio are 1:1 for all hedging relationships.
Note 15: Derivatives -continued
The fair value of derivatives held at the balance sheet date can be allocated by type as follows:
Interest rate swaps
270
1,885
0
993
3,093
0
Main currencies hedged
Total
0
188
9,153
0
318
9,790
For information about risk management strategy, currencies, maturities, etc. reference is made to note
12.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
28
Note 16: Related parties
Income statement
Assets
Liabilities
A.P. Møller Holding A/S, Copenhagen, Denmark has control over the Company and prepares consolidated
financial statements. A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal is the
ultimate owner. Other related parties include A.P. Møller Holding A/S and all its subsidiaries and affiliates.
-Handytankers Pool, Maersk
Tankers-Intermediate Pool and Maersk Tankers-MR pool).
The Group has entered into contracts with an income value of USD 28.8m (USD 40.0m) within one year
and USD 14m (USD 19.4m) within 1-3 years.
Revenue relates to spot voyages, voyages under contracts of affreightment (COAs) and limited lease
income.
Accrued income included in trade receivables in the balance sheet constitutes contract assets comprising
unbilled amounts to customers representing the company
transferred to date. Any amount previously recognised as accrued income is reclassified to trade
receivables at the time it is invoiced to the customer.
Under the payment terms generally applicable to the company
prepayments are received only to a limited extent. Typically, payment is due upon or after completion of
the services.
Part of the deferred income presented in the balance sheet constitutes contract liabilities which
represents advance payments and billings in excess of revenue recognised.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
29
Basis of preparation
The consolidated financial statements for 2025 for Maersk Product Tankers A/S (hereafter: "Maersk
Product Tankers") have been prepared on a going concern basis and in accordance with the IFRS
Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements
Act.
The consolidated financial statements of Maersk Product Tankers are included in the consolidated
financial statements of A.P. Møller Holding A/S.
Changes to accounting policies
Accounting policies remain unchanged from the Annual report 2025 with the exception of the following
accounting standards that are effective from 1 January 2025 and endorsed by the EU:
• Amendment to IAS 21: Lack of Exchangeability
The adoption of the new and changed standard has no material impact on the Maersk Product Tankers
consolidated annual report for 2025.
Consolidation
The consolidated financial statements consist of Maersk Product Tankers A/S and its subsidiary Maersk
Tankers Singapore Pte. Ltd.
out through an equity transaction.
Subsidiaries are entities controlled by Maersk Product Tankers. Control is based on the power to direct
the relevant activities of an entity and the exposure, or right, to variable returns arising from it. In that
connection, relevant activities are those
achieved by directly or indirectly owning or in other ways controlling more than 50% of the voting rights
or by other rights, such as agreements on management control.
Foreign currency translation
The consolidated financial statements are presented in USD, the functional currency of the parent
company. Transactions in currencies other than the functional currency are translated at the exchange
rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the
balance sheet date are translated at the exchange rate as at the balance sheet date. Foreign exchange
gains and losses are included in the income statement as financial income or expenses.
INCOME STATEMENT
Revenue
Revenue is recognised when the performance obligation has been satisfied, which happens upon the
transfer of control to the customer at an amount that reflects the consideration to which Maersk Product
Tankers expects to be entitled in exchange for the services. Revenue from ongoing voyages at the balance
sheet date is recognised
expenses are recognised in the income statement from the first load date of the voyage to the discharge
date of the cargo. Invoiced revenue related to an estimated proportion of remaining voyage time and
activities at the destination port is deferred.
Lease income from operating leases is recognised over the lease term. Demurrage claims are recognised
if they are considered probable.
-Handytankers
Pool, Maersk Tankers-Intermediate Pool and Maersk Tankers-MR pool) in which other vessel owners with
similar, high-quality, modern and well-maintained vessels also participate. Pools employ experienced
commercial charterers and operators who have established relationships with customers and brokers,
while technical management is arranged by each vessel owner. The managers of the pools negotiate
charters with customers.
The earnings allocated to vessels are aggregated and divided on the basis of a weighted scale, or Pool
Points, which reflect comparative voyage results on hypothetical benchmark routes. The Pool Point
system is generally weighted by attributes such as size, fuel consumption, class notation and other
capabilities. Pool revenues are recognised when the vessel has participated in a pool during the period and
the amount of pool revenue for the period can be estimated reliably.
Financial items
Financial income and expenses are recognised in the income statement at the amount relating to the
financial year. Financial items include interest income and expense, and gains and losses on transactions
in foreign currency.
Tax for the year
The company is subject to Danish corporate taxation. Part of the taxable income is calculated in
accordance with Danish tonnage tax act. The tax compromises of an estimate of current and deferred
income tax as well as any adjustments to previous years.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
30
Pillar II
The Company is in scope of the Global Minimum Taxation rules, also referred to as Pillar II, an OECD
initiative which is in force in Denmark effective from 1 January 2024 through the implementation of
Council Directive (EU) 2022/2523. The rules apply on jurisdictional basis for all entities within a corporate
group that has a global turnover of at least EUR 750 million. The rules require an assessment of potential
top-up tax liability, where a jurisdictional effective tax rate falls below 15%. For the years 2024-2026,
transitional safe harbours exist which may provide exemptions from the impact of the Pillar II rules.
The Company is part of the A.P. Møller Holding Group, which has a global turnover exceeding the
threshold, and the Company is as such in scope of the Pillar II rules. Under the guidance of A.P. Møller
Holding A/S, the ultimate parent entity of the Group, an assessment has been made which concluded that
no material top-up tax exposure is expected for the Company for 2025. This will be re-assessed annually,
and any material top-up tax exposure identified will be included in the tax provisioning of the Company.
The Company applies the IAS 12 exception to recognising and disclosing information about deferred tax
assets and liabilities related to Pillar II income taxes.
OTHER COMPREHENSIVE INCOME
Other comprehensive income consists of income and costs not recognised in the income statement
including cashflow- and fair value adjustments.
Derivative financial instruments
Derivative financial instruments are recognised on the trading date and measured at fair value using
generally acknowledged valuation techniques based on relevant observable swap curves and exchange
rates. The effective portion of changes in the value of derivative financial instruments designated to hedge
highly probable future transactions is recognised in other comprehensive income until the hedged
transactions are realised. At that time, the cumulated gains/losses are transferred to the items under
which the hedged transactions are recognised.
The effective portion of changes in the value of derivative financial instruments used to hedge the value
of recognised financial assets and liabilities is recognised in the income statement together with changes
in the fair value of the hedged assets or liabilities that can be attributed to the hedging relationship.
Currency basis spread and forward points are considered a cost of hedge and included in the fair value.
BALANCE SHEET
Property, plant and equipment
Property, plant and equipment are valued at cost less accumulated depreciation and impairment losses.
Depreciation is charged to the income statement on a straight-line basis over the useful lives at an
estimated residual value. The useful lives of new assets are typically 20 years for vessels.
Estimated useful lives and residual values are reassessed on a regular basis.
The cost of an asset is divided into separate components, which are depreciated separately if the useful
lives of the individual components differ. Dry-docking costs are recognised in the carrying amount of
vessels when incurred and depreciated over the period until the next dry-docking. Dry-docking cycles are
typically five years. The cost of assets includes directly attributable expenses. For assets with a long
construction period, borrowing costs during the construction period from specific as well as general
borrowings are attributed to cost. Property, plant and equipment are tested for impairment indication on
an annual basis. Impairment losses are recognised when the carrying amount of an asset or a cash-
generating unit exceeds the higher of the estimated value in use and fair value costs of disposal.
Assets held for sale
Assets held for sale are measured at the lower of carrying amount immediately before classification as
held for sale and fair value less costs to sell and impairment tests are performed immediately before
classification as held for sale. Non-current assets are not depreciated or amortised while classified as held
for sale. Measurement of deferred tax and financial assets and liabilities is unchanged.
Leases
Lease contracts, under which the Group is the lessee, are capitalised using an incremental borrowing rate
and recognised in the balance sheet as right-of-use assets and corresponding lease liabilities. The right-
of-use assets are generally depreciated over the lease term. Lease payments made are split into an
interest element presented under financial expenses and amortisation of the lease liability. Both elements
are included under cash flow from financing activities in the cash flow statement.
Lease contracts with a term shorter than 12 months or for which the underlying asset are of low value are
not capitalised but expensed straight-line over the lease term.
Sale and leaseback
Sales and leaseback transactions for which the Group maintains substantially all the risks and rewards
incidental to economic ownership, are recognised on the balance sheet as finance lease liability.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
31
Transactions for which the sale of the vessels does not fulfil the conditions for being recognised as a sale
are instead recognised as a financing transaction.
Lease liability are measured at the start of the leasing contract at the lower of the present value of
expense borne by the lessee.
For the purpose of calculating the present value, the interest rate implicit in the lease is used as discount
factor. Liabilities for financial leases are recognised on the balance sheet and the interest included in the
lease payment is charged to the income statement.
Inventories
Inventories mainly consist of bunker, lubricants and spare parts. Inventories are measured at cost
according to the FIFO method.
Receivables
Receivables are initially recognised at fair value, plus any direct transaction costs and subsequently
measured at amortised cost using the effective interest method. For other receivables, write-down is
made for anticipated losses based on specific individual or group assessments. For trade receivables, the
loss allowance is measured in accordance with IFRS 9 applying a provision matrix in order to calculate the
impairment.
Equity
Equity includes total comprehensive income for the year comprising the profit/loss for the year and other
comprehensive income. Reserve for hedges includes the accumulated fair value of derivatives qualifying
for cash flow hedge accounting, net of tax as well as forward points and currency basis spread.
Provisions
Provisions are recognised when Maersk Product Tankers has a present legal or constructive obligation
from past events. The item includes, among other things, legal disputes. Provisions are recognised based
on best estimates and are discounted where the time element is significant and where the time of
settlement is reasonably determinable.
Financial liabilities
Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial
liabilities are measured at amortised cost using the effective interest method, whereby transaction costs
and any premium or discount are recognised as financial expenses over the term of the liabilities.
Cash flow statement
and the end of the period.
Cash flow from operating activities is presented using the indirect method and includes all cash
transactions other than cash flows arisen from investments and divestments, principal payments of loans
and equity transactions. Capitalisation of borrowing costs is considered as non-cash items, and the actual
payments of those are included in cash flow from operations.
Definitions
Free cash flow
Cash flow from operating activity less cash flow from investing activities
Profit margin
Profit or loss before depreciation and impairment divided by Revenue
Equity ratio
Equity at the year-end divided by total assets
Return on equity
Profit/loss for the year divided by average equity
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
32
The preparation of the consolidated financial statements requires management, on an ongoing basis, to
make judgements and estimates and form assumptions that affect the reported amounts. Management
forms its judgements and estimates on historical experience, independent advisors and external data
points as well as in-house specialists and on other factors believed to be reasonable under the
circumstances.
In certain areas, the outcome of business plans, including ongoing negotiations with external parties to
execute those plans or to settle claims that are raised against Maersk Product Tankers, is highly uncertain.
Therefore, assumptions may change, or the outcome may differ in the coming years, which could require
a material upward or downward adjustment to the carrying amounts of assets and liabilities. This note
includes the areas in which Maersk Product Tankers is particularly exposed to a material adjustment of
the carrying amounts as at the end of 2025.
GENERAL
Freight rates
The future development in the freight rates is an uncertain and significant factor impacting Maersk
Product Tankers where financial results are directly affected by the fluctuation in the freight rates, which
also has a direct impact on the net realizable value of the vessels owned by the Group. Freight rates are
influenced by the global economic environment and trade patterns, as well as industry specific trends in
respect of supply and demand of capacity.
Oil prices
The future development in the oil price is uncertain and impacting accounting estimates and financial
results. Maersk Product Tankers is directly impacted by the price of bunker oil, where the competitive
landscape determines the extent to which the development is reflected in the freight rates charged to the
customer.
Vessel values
The vessel values including new-buildings and second-hand vessels, are exposed to the volatility in the
industry and global economy, which among others includes global freight rates, newbuilding costs,
emission regulations and steel prices.
PROPERTY, PLANT AND EQUIPMENT
Impairment considerations
Impairment tests of property, plant and equipment are carried out for cash generating units with
indications of impairment losses or reversals. No indicators of a need for additional impairments or
reversal of impairment have been identified as of 31 December 2025 as the longer term expectations have
not changed significantly.
The recoverable amount is determined as the higher of fair value less cost to sell (based on broker
valuations) and value-in use. The calculations are sensitive to expected future market rates in addition to
the discount rate.
Depreciation and residual values
Useful lives are estimated based on past experience. Management decides from time to time to revise the
estimates for individual assets or groups of assets with similar characteristics due to factors such as
quality of maintenance and repair, technical development and environmental requirements.
Residual values are difficult to estimate given the long lives of vessels, the uncertainty as to future
economic conditions and the future price of steel, which is considered as the main determinant of the
residual price. As a general rule, the residual values of vessels are initially estimated at 10% of the
purchase price excluding dry-docking costs. The long-term view is prioritised in order to disregard, to the
extent possible, temporary market fluctuations which may be significant.
Provisions for commercial claims, legal disputes, etc.
disputes on taxes and duties, is based on the knowledge available on the actual substance of the cases
and a legal assessment of these. The resolution of legal disputes, through either negotiations or litigation,
can take years to complete and the outcome is subject to considerable uncertainty.
Maersk Product Tankers is engaged in disputes of varying scope. Appropriate provisions have been made
where the probability of payment in individual cases is considered more likely than not.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
33
Contingent assets and liabilities
At end of 2025, the Group is involved in commercial claims and disputes, which are subject to uncertainty.
The Group has provided performance guarantees of USD 974m (USD 1,006m). The guarantees will come
into effect if a related company fails to make payment under the shipbuilding contracts.
Taxes may come into effect if the company leaves the tonnage tax regime. Through participation in a joint
taxation scheme with A.P. Møller Holding A/S, the Danish company is jointly liable for taxes payable etc.
in Denmark.
Pledges
Vessels with a carrying amount of USD 278.2m have been pledged as security. As at 31 December 2025,
the borrowings under the pledged loan facility was USD 0.
In February 2026, MR vessel Maersk Maru was redelivered to new owners.
List of subsidiaries of Maersk Product Tankers A/S:
Subsidiary
Country of incorporation
Ownership share
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
34
PARENT COMPANY
FINANCIAL
STATEMENTS
Parent income statement | Parent statement of comprehensive income | Parent balance sheet at 31 December | Parent cash
flow statement | Parent statement of changes in equity | Notes to the parent financial statements
MAERSK PRODUCT TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
35
Parent company financial statements ......................................... 34
Parent Income statement ........................................................................................................................... 36
Parent statement of comprehensive income ....................................................................................... 36
Parent Balance sheet at 31 December .....................................................................................................37
Parent cash flow statement ....................................................................................................................... 38
Parent statement of changes in equity .................................................................................................. 38
Notes to parent company financial statements ....................... 39
Parent Note 1: Operating costs .................................................................................................................... 40
Parent Note 2: Financial income and expenses ...................................................................................... 40
Parent Note 3: Tax .......................................................................................................................................... 40
Parent Note 4: Property, plant & equipment ........................................................................................ 41
Parent Note 5: Leases .................................................................................................................................... 41
Parent Note 6: Investment in subsidiaries ................................................................................................ 42
Parent Note 7: Borrowings ........................................................................................................................... 42
Parent Note 8: Financial instruments by category .............................................................................. 43
Parent Note 9: Financial risks ..................................................................................................................... 43
Parent Note 10: Cash flow specifications............................................................................................... 44
Parent Note 11: Derivatives .......................................................................................................................... 45
Parent Note 12: Related parties ................................................................................................................. 45
Parent Note 13: Contract balances ............................................................................................................ 45
Parent Note 14: Accounting policies ......................................................................................................... 45
PARENT COMPANY FINANCIAL STATEMENTS
CONTENTS
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
36
Profit before depreciation and impairment losses (EBITDA)
82,718
139,808
Profit before financial items (EBIT)
41,119
120,218
75,570
Profit before tax
89,946
214,184
Profit for the year
106,194
228,157
Cash flow hedges:
Reclassified to income statement:
Total items that have been or may be reclassified subsequently
506
- 461
Other comprehensive income, net of tax
506
- 461
Total comprehensive income for the year
106,700
227,696
PARENT INCOME STATEMENT
PARENT STATEMENT OF COMPREHENSIVE INCOME
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
37
Total non-current assets
638,334
753,130
Inventories
6,817
7,018
Other current assets
56,583
38,965
Cash and cash equivalents
25,457
24,729
Total current assets
91,442
70,712
Total assets
729,774
823,842
Total equity
314,844
258,144
Total non-current liabilities
223,091
231,984
Borrowings, current
146,422
296,203
Other current liabilities
45,417
37,511
Total current liabilities
191,839
333,714
Total liabilities
414,930
565,698
Total equity and liabilities
729,774
823,842
PARENT BALANCE SHEET AT 31 DECEMBER
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
38
Profit before financial items (EBIT)
41,119
120,218
Profit before depreciation and impairment losses (EBITDA)
82,718
139,808
Cash generated from operations before financial items and tax
75,461
161,142
Net cash from operating activities
61,431
149,422
Net cash from investing activities
147,978
-211,699
Net cash from financing activities
-208,681
-42,354
Net cash flow for the year
728
-104,632
Liquid funds at end of period
25,457
24,729
Total comprehensive income for
the year
0
-461
228,157
0
227,696
Total transactions with
shareholders
0
0
-410,796
0
-410,796
Equity 31 December 2024
1,590
-318
256,872
0
258,144
2025
Total comprehensive income for
the year
0
506
56,194
50,000
106,700
Total transactions with
shareholders
0
0
-50,000
0
-50,000
Equity 31 December 2025
1,590
188
263,066
50,000
314,844
The share capital consists of 10 million shares with a nominal value of DKK 1 per share. The shares are
divided into two share classes; A (nominal value DKK 2.5m) and B (nominal value DKK 7.5m) with A shares
carrying three votes and B shares carrying one vote in voting power.
PARENT CASH FLOW STATEMENT
PARENT STATEMENT OF CHANGES IN EQUITY
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
39
NOTES TO
PARENT COMPANY
FINANCIAL STATEMENTS
MAERSK PRODUCT TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
40
Parent Note 1: Operating costs
Maersk Product Tankers A/S has not had employees in 2025 or 2024, as Maersk Tankers A/S is responsible
for the commercial and corporate management. For remuneration of the Board of Directors and Executive
Management reference is made to note 1 in the consolidated financial statements.
Parent Note 2: Financial income and expenses
Fair value adjustment transferred from equity hedge reserve gain
Net interest expenses
- 26,723
- 33,127
Net foreign exchange gain
- 20
189
Financial expenses, net
- 26,743
- 32,937
Parent Note 3: Tax
Tax recognised in the income statement
Total current income tax
16,151
8,563
Total deferred tax
5,628
Total tax income
16,248
13,973
Tax reconciliation
Profit/loss before tax, adjusted
48,827
93,966
Total income tax
16,491
14,191
Shipping activities are taxed on the basis of the net tonnage (tonnage tax). Furthermore, Maersk Product
Tankers A/S is part of a joint taxation with A.P. Møller Holding A/S and its Danish subsidiaries regarding
general tax regulations for net financial items and other activities.
Total
27,129
25,582
The tax value of the loss carry forward is USD6.0m (USD5.6m). The deferred tax assets have been
recognised in 2024 and 2025 and is expected to be utilised as part of the joint taxation subsequent to
2026.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
41
Cost
31 December 2024
322,251
4,566
326,817
31 December 2025
330,082
10,442
340,524
Depreciation and impairment losses
31 December 2024
162,152
0
162,152
31 December 2025
172,706
0
172,706
Carrying amount:
The value-in-use showed values on level with carrying amount. Furthermore, no significant changes or
improvements in the service condition of the vessels have been identified since the recognised
impairments.
Recognition of right-of-use asset on initial application
31 December 2024
214,075
214,075
31 December 2025
200,938
200,938
Net Carrying amount
Lease liabilities
31 December 2024
243,154
243,154
31 December 2025
233,949
233,949
Lease liabilities are recognised in the balance sheet as follows
233,949
243,154
Recognised in the profit and loss statement as follows:
- 15,334
- 15,944
Recognised in the cash flow statement as follows:
- 24,539
- 24,606
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
42
Parent Note 6: Investment in subsidiaries
1
Cost as of 31 December
298,494
298,494
Value adjustments as of 31 December
-35,155
69,275
Carrying amount as of 31 December
263,339
367,770
Subsidiaries
Total
369,513
528,186
Cost
31 December 2024
- 1,681
243,154
147,434
139,279
528,186
31 December 2025
-796
233,949
72,850
63,510
369,513
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
43
Carried at amortized cost
Financial assets at amortized costs
74,278
57,298
Total financial assets
74,548
58,291
Financial liabilities at amortized costs
407,782
557,211
Total financial liabilities
409,479
560,622
Financial instruments measured at fair value
Fair value of derivatives is within level 2 of the fair value hierarchy and is calculated on the basis of
observable market data as of the end of the reporting period.
Financial instruments carried at amortised cost
Fair value of the short-term financial assets and other financial liabilities carried at amortised cost is not
materially different from the carrying amount. In general, fair value is determined primarily based on the
present value of expected future cash flows. Where a market price was available, how-ever, this was
deemed to be the fair value.
2025
Non-derivative financial liabilities
407,782
198,372
240,854
0
439,226
Total recognised in balance sheet
409,479
200,069
240,854
0
440,923
2024
Non-derivative financial liabilities
557,211
340,562
263,428
0
603,990
Total recognised in balance sheet
560,622
343,973
263,428
0
607,401
For description of financial risks, a reference is made to note 12 in the consolidated financial statements.
Carrying amount
33,281
32,350
Approx. 20.2% (16.7%) of the expected credit loss is related to trade receivables overdue by more than one
year.
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
44
Change in working capital Total
-7,360
23,204
Purchase of property, plant and equipment Total
- 31,616
- 16,166
Hedges consists of currency derivatives and interest rate derivatives. Foreign exchange forwards
contracts are used to hedge the currency risk related to recognised and unrecognised transactions.
Interest rate swaps are used to hedge interest rate exposure on borrowings.
Hedge of operating cash flows in foreign currencies
Currency derivatives hedge future operating costs and are recognised on an ongoing basis in the income
statement. The maturity of the hedges is within a year.
For hedges related to operating cash flows USD 0.5m (-0.5m) is recognised in other comprehensive income
and USD 0.2m (-0.3m) is in the cash flow hedge reserve in equity at 31 December 2025.
-continued
Hedge of borrowings
Interest rate swaps are used to swap variable interest payments on term loans to fixed interest payments.
All interest rate swaps are designated as cash flow hedges.
The notional amount of interest rate swaps at 31 December 2025 and 2024 amounts to USD 0.
For cash flow hedges related to borrowings USD 0 is recognised in other comprehensive income and cash
flow hedges reserve in equity at 31 December 2025 and 2024.
The hedge ratio are 1:1 for all hedging relationships.
The fair value of derivatives held at the balance sheet date can be allocated by type as follows:
Interest rate swaps
270
1,885
0
993
3,093
0
Main currencies hedged
Total
0
188
9,153
0
318
9,790
MAERSK PRODUCT TANKERS A/S
FINANCIAL STATEMENTS
45
Income statement
Assets
Liabilities
A.P. Møller Holding A/S, Copenhagen, Denmark has control over the Company and prepares consolidated
financial statements. A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal is the
ultimate owner. Other related parties include A.P. Møller Holding A/S, and all its subsidiaries and affiliates.
Reference is made to note 17 of the consolidated financial statements for more details on the balances.
General Accounting Policies
The financial statements for 2025 for Maersk Product Tankers A/S have been prepared on a going concern
basis and in accordance with the IFRS Accounting Standards (IFRS) as adopted by the EU and further
requirements in the Danish Financial Statements Act. The accounting policies of the Company are
25 (note 18 in the consolidated
financial statements) with the following exception:
Investments in Subsidiaries
Investments in subsidiaries are measured as per the equity method. The initial investment is recognised
at cost and adjusted thereafter to recognise the share of profits, losses and other adjustments. The
Management assesses impairment for investment in subsidiaries and determines the amount generally
consistent with the assumptions stated in Note 18 Significant accounting policies in the consolidated
financial statements.
MAERSK PRODUCT TANKERS A/S
REPORTS
46
REPORTS
MAERSK PRODUCT TANKERS A/S
2025 ANNUAL REPORT· REPORTS
MAERSK PRODUCT TANKERS A/S
REPORTS
47
Executive Management
Board of Directors
MAERSK PRODUCT TANKERS A/S
REPORTS
48
MAERSK PRODUCT TANKERS A/S
REPORTS
49
CVR No 33 77 12 31
mne30141
mne31489
MAERSK PRODUCT TANKERS A/S
REPORTS
50
COLOPHON
Board of Directors
Martin Nørkjær Larsen, Chair
Birgitte Schou
Takuya Shirai
Erik Bergöö
Executive Management
Tina Revsbech, CEO
Christian Huss, CFO
Claus Grønborg, CIO
Auditor
Produced in Denmark 2026
MAERSK PRODUCT TANKERS A/S
REPORTS
51
Maersk Product Tankers A/S
Orientkaj 22, 1. 2150 Nordhavn
Copenhagen, Denmark
Phone +45 89 87 00 40
Company reg. no. 39 06 70 64