view
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Company reg. no. 28673590
2025 Annual Report
Maersk Tankers A/S
The report was presented and approved at the Annual General Meeting
Chair of the meeting Anette Ryde
27 March 2026
MAERSK TANKERS A/S
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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................................................. 11
Reports ......................................................................... 49
Statement of the Board of Directors and the Registered
Executive Management ....................................................................................... 50
Independent auditor’s report ............................................................................. 51
MAERSK TANKERS A/S
MANAGEMENT REVIEW
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MANAGEMENT REVIEW
MAERSK TANKERS A/S
· MANAGEMENT REVIEW
MAERSK TANKERS A/S
MANAGEMENT REVIEW
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MANAGEMENT REVIEW
Maersk Tankers and affiliated companies operate one of the
largest tanker fleets in the world through direct ownership and
commercial management solutions for shipowners. Founded in
1928, we have a century of expertise in management of tankers
and gas carriers, which we use to develop and deploy solutions
that help shipowners boost the economic and environmental
performance of their vessels. Maersk Tankers employs
approximately 300 people and is headquartered in Copenhagen,
Denmark. The majority of the shares are owned by A.P. Moller
Holding.
ACTIVITIES DURING THE YEAR
During 2025, Maersk Tankers continued its journey to create a
large-scale integrated tanker and gas carrier company.
To support the company’s One Team culture, a Leadership &
Culture Lab was launched during the year. The initiative provides
structured opportunities for development at individual, team and
organisational levels, supporting learning, reflection and
contribution to the continued development of a future-fit
company culture.
In early 2025, we changed our Operations set-up to include teams
in four regions - Mumbai, the Americas, Europe and Singapore -
bringing Operations closer to Chartering to strengthen customer
service and operational efficiency.
Maersk Tankers also set out to establish in-house technical
management capabilities. This step reflects the company’s
growing engagement in the gas carrier segment, where customers
increasingly require technical expertise closely integrated with the
commercial organisation. Technical management of the tanker
fleet is included to ensure scale benefits and operational
efficiency.
Throughout the year, Maersk Tankers maintained close
engagement with pool partners across nine commercial pools.
Pool meetings were held in Dubai, Paris and Copenhagen, bringing
together more than 60 partner representatives to discuss market
developments, performance and outlooks, with continued focus
on compliance and collaboration.
Operational excellence remained a key priority. During the year,
Maersk Tankers conducted Pool Technical and Operations
meetings in Mumbai and Singapore. These seminars brought
together vessel owners and senior officers to address safety,
regulatory developments, fuel strategies, operational
performance and leadership.
The geopolitical environment continued to pose increased risks to
seafarers and vessels. The safety of people, cargo and assets
remains the company’s highest priority. Maersk Tankers closely
monitors geopolitical developments and implements
precautionary measures where necessary to safeguard operations.
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.
FINANCIAL HIGHLIGHTS
In 2025, Maersk Tankers had revenues of USD 295.4m (USD
353.2m), and an EBIT of USD 11.9m (USD 48.2m), which were in line
with expectations. For Maersk Tankers, revenues reflect both the
fee income of its commercial management activities, which is
relatively stable, and income from trading activities, which are
volatile. The reduction in revenues is mostly due to a reduction in
freight income from trading activities and the absence of one-offs
positively impacting 2024. Earnings are furthermore impacted by
lease accounting requirements and purchase price accounting
following the acquisition of Penfield Marine in 2024.
OUTLOOK
The high levels of volatility and complexity from the geopolitical
landscape are expected to continue into 2026. Maersk Tankers
expect EBIT for 2026 to be in line with 2025.
SUBSEQUENT EVENTS
Less than four years ago, Njord was established with a clear
purpose: to help shipping reduce fuel consumption and emissions
through energy efficiency technologies. Since then, Njord has built
a solid business, a customer base and a great and dedicated team.
Shortly after 2025 year-end Maersk Tankers announced that Njord
will join V.Group, a global leader in ship management and marine
support services. With the acquisition of Njord, V.Group’s ambition
is to build the de facto decarbonisation platform for shipping.
The divestment of Njord has no material impact on Maersk
Tankers’ financial position.
MAERSK TANKERS A/S
MANAGEMENT REVIEW
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RISKS
Freight rates
Maersk Tankers is exposed to fluctuations in global freight rates
and bunker prices which impacts the commercial pool and trading
business. These fluctuations impact pool commission revenue
through a variable revenue component. Furthermore, Maersk
Tankers trade freight rate risks through arbitrage between the
physical and financial markets, which exposes the company to
fluctuations in global freight rates and bunker prices. Vessels
leased for trading or risk management purposes to further support
the commercial activities are exposed to freight-related risks,
which are partly covered by freight and bunker price hedges or
fixed price Contracts of Affreightment.
Vessels under management
Maersk Tankers is exposed to the risk of vessels being withdrawn
from the pool, for instance due to a sale, the expiry of a TC or other
circumstances triggering a withdrawal.
Counterparties
Maersk Tankers has exposure to financial and commercial
counterparties. 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.
Currency rates
Maersk Tankers’ income is mainly in USD, whereas spending is
spread across several currencies, including USD. It is Maersk
Tanker’s policy to partly hedge fluctuations in exchange rates. As
of 31 December 2025, Maersk Tankers had 67% (2024: 65%) of its
exchange rate risks on expected costs for the next 12 months
hedged using FX forwards.
OUR MISSION
“To be experts in owning
and operating tankers and
gas carriers through the
energy transition”
MAERSK TANKERS A/S
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PRODUCTS
Crude tankers carry unprocessed petroleum extracted from oil fields to refineries.
Product/chemical tankers typically carry refined petroleum products such as gasoline, diesel, naphtha and jet fuel or Industrial chemicals from refineries to distribution or processing sites but may also carry
vegetable and other edible oils. Product tankers can also under certain circumstances carry unrefined petroleum products.
ENERGY VALUE CHAIN
Of the world’s seaborne transportation, one third is carried by tanker vessels.
MAERSK TANKERS A/S
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The
KEY FIGURES AND FINANCIAL RATIOS
Amounts in USD thousands
Income statement
2025
2024
2023
2022
2021
Revenue
295,374
353,243
453,140
572,809
466,760
Profit before depreciation and impairment losses (EBITDA)
16,857
55,247
44,563
60,502
56,447
Profit/loss before financial Items (EBIT)
11,908
48,216
31,690
39,592
50,072
Financial items, net
1,349
1,407
3,071
2,203
-2,109
Profit/loss for the year
6,751
38,923
34,246
39,842
36,423
Balance sheet
Total assets
279,539
334,765
265,410
396,387
319,404
Total equity
74,365
103,671
67,415
79,330
47,657
Investment in property, plant and equipment
-105
-13
-50
-180
-41
Cash flow statement
Cash flow from operating activities
32,703
28,059
-38,888
86,385
30,751
Cash flow used for investing activities
73,874
39,202
125,829
-71,422
51,184
Cash flow from financing activities
-138,951
-49,896
-131,415
-8,792
-110,770
Financial ratios
Profit margin
5.7%
15.6%
9.8%
10.6%
12.1%
Equity ratio
26.6%
31.0%
25.4%
20.0%
14.9%
Return on equity ratio
7.6%
45.5%
46.7%
62.7%
84.7%
MAERSK TANKERS A/S
MANAGEMENT REVIEW
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MANAGEMENT REVIEW
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MAERSK TANKERS A/S
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MAERSK TANKERS A/S
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MAERSK TANKERS A/S
FINANCIAL STATEMENTS
11
FINANCIAL STATEMENTS
Consolidated financial statements | Parent company financial statements | Management’s statement
| Independent auditor’s report
MAERSK TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
12
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 TANKERS A/S
2025 ANNUAL REPORT· CONSOLIDATED FINANCIAL STATEMENTS
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
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FINANCIAL STATEMENTS
CONTENTS
Consolidated financial statements .................................................. 12
Consolidated income statement for 1 January to 31 December ..................................................... 14
Consolidated statement of comprehensive income .......................................................................... 14
Consolidated balance sheet at 31 December ......................................................................................... 15
Consolidated cash flow statement ........................................................................................................... 16
Consolidated statement of changes in equity ...................................................................................... 16
Notes to consolidated financial statements................................ 17
Note 1: General accounting policies........................................................................................................... 18
Note 2: Significant accounting estimates and judgements ............................................................. 23
Note 3: Revenue .............................................................................................................................................. 24
Note 4: Operating costs ................................................................................................................................ 24
Note 5: Other income and other costs .................................................................................................... 25
Note 6: Depreciation and amortisation ................................................................................................... 25
Note 7: Financial income and expenses .................................................................................................. 25
Note 8: Income and deferred tax .............................................................................................................. 25
Note 9: Intangible assets ............................................................................................................................. 26
Note 10: Leases .................................................................................................................................................27
Note 11: Investments in joint ventures .................................................................................................... 28
Note 12: Business combinations ................................................................................................................ 28
Note 13: Borrowings and lease liabilities ................................................................................................ 29
Note 14: Other receivables ........................................................................................................................... 29
Note 15: Assets held for sale ...................................................................................................................... 29
Note 16: Provisions ......................................................................................................................................... 29
Note 17: Financial instruments by category .......................................................................................... 30
Note 18: Financial instruments by risk ..................................................................................................... 31
Note 19: Derivatives ....................................................................................................................................... 34
Note 20: Commitments ................................................................................................................................ 35
Note 21: Share-based payments ................................................................................................................ 35
Note 22: Contingent assets and liabilities .............................................................................................. 35
Note 23: Cash flow specification ............................................................................................................... 35
Note 24: Related parties .............................................................................................................................. 36
Note 25: Events after the balance sheet date ...................................................................................... 36
Note 26: Company overview ....................................................................................................................... 36
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
14
Note
Amounts in USD thousands
2025
2024
3
Revenue
4
Operating costs
5
Other income
5
Other costs
Profit before depreciation and impairment losses (EBITDA)
6
Depreciation and amortisation net
11
Share of profit in joint ventures
Profit/loss before financial items (EBIT)
7
Financial income
7
Financial expenses
Profit/loss before tax
8
Tax
Profit/loss for the year
Note
Amounts in USD thousands
2025
2024
Profit/loss for the year
Cash flow hedges
Value adjustment of hedges for the year
Reclassified to income statement:
- operating expenses
Tax on other comprehensive income
Total items that have been or may be reclassified subsequently
Other comprehensive income, net of tax
Total comprehensive income for the year
CONSOLIDATED INCOME STATEMENT FOR
1 JANUARY TO 31 DECEMBER
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
-275,187
-3,781
-5,697
-6,021
-6,506
-318,413
-310
-9,309
-9,733
-10,700
-2,030
-495
-2,525
-2,525
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
15
As at 1 January
Note
Amounts in USD thousands
2025
2024
2024
9
Intangible assets
Property, plant and equipment
10
Right-of-use asset
11
Investments in joint ventures
Investments in associates
17
Other equity investments
10
Finance lease receivables, non-current
14
Other receivables, non-current
8
Deferred tax assets
Total non-current assets
Inventories
17
Trade receivables
Tax receivables
19
Derivative assets, current
10
Finance lease receivables, current
14
Other receivables, current
Prepayments
15
Assets held for sale
Cash and cash equivalents
Total current assets
Total assets
As at 1 January
Note
Amounts in USD thousands
2025
2024
2024
Share capital
Retained Earnings
Dividends proposed
Reserves
Total equity
8
Deferred tax liability
10, 13
Finance lease liabilities, non-current
Total non-current liabilities
10, 13
Finance lease liabilities, current
13
Borrowings, current
16
Provisions
17
Trade payables
Tax payables
17
Other payables, current
19
Derivative liability, current
Deferred income
Total current liabilities
Total liabilities
Total equity and liabilities
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER
-1,980
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
16
Share capital of nominally DKK 100,010 thousand (2024: DKK 100,010 thousand) is divided into 100,010
shares (2024: 100,010 shares) of a nominal value of DKK 1,000 each.
Note
Amounts in USD thousands
2025
2024
Profit before financial items (EBIT)
6
Depreciation, impairment losses and impairment reversals, net
11
Joint ventures - share of profit/loss
Profit before depreciation and impairment losses (EBITDA)
Gain/loss on sale of non-current assets
23
Change in working capital
16
Change in provisions
Other non-cash items
Cash generated from operations before financial items and tax
Interest received
Interest paid
Tax paid
Net cash from operating activities
Purchase of intangible assets and property, plant and equipment
Repayment from finance lease receivables
12
Acquisition of companies, net of cash received
Sale of companies & activities, net of cash sold
Sale of joint ventures
Acquisition of equity investments
Net cash from investing activities
Dividend distributed
Proceeds from borrowings
Repayment of borrowings
Repayment of lease liabilities
Net cash from financing activities
Net cash flow for the year
Liquid funds at beginning of period
Exchange gain/loss on liquid funds
Liquid funds at end of period
CONSOLIDATED CASH FLOW STATEMENT
Amounts in USD thousands
Share
capital
Reserve for
hedges
Retained
Earnings
Dividend
proposed
Total
equity
Equity 1 January 2024
Profit/loss for the year
Other comprehensive income
Total comprehensive income for the year
-2,525
Other equity movements
Total transactions with shareholders
-
-
14324142143
-143
Equity 31 December 2024
2025
Profit/loss for the year
Other comprehensive income
Total comprehensive income for the year
Dividends paid to shareholders
Share based payment
Other equity movements
Total transactions with shareholders
-40,000
Equity 31 December 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
-2,278
-8,313
-19,960
-2,268
-8,917
-3,820
-110
-36,708
-5,727
-79,896
-49,896
-43
-748
-5,738
-9,625
-139
-363
-40,000
-30,000
-68,951
-138,951
-32,374
-2,525
-1,980
-1,076
-1,076
-143
-143
-13,249
-13,249
-40,000
- 2,525
-143
-40,000
-38,265
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
17
NOTES TO
CONSOLIDATED
FINANCIAL STATEMENTS
MAERSK TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
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Basis of preparation
The consolidated financial statements for year ended 31 December 2025 for Maersk Tankers A/S
(hereafter: "Maersk Tankers") are the first consolidated annual financial statements of Maersk Tankers
prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements
in the Danish Financial Statements Act.
The consolidated financial statements are presented in USD thousands (USD) and all values are rounded
to the nearest thousand except when otherwise stated.
First time adoption of IFRS
These consolidated financial statements represent the first-time adoption of IFRS by Maersk Tankers
in accordance with IFRS 1 First time Adoption of International Financial Reporting Standards. The date
of transition to IFRS is 1 January 2024, being the beginning of the earliest comparative period presented
in these consolidated financial statements. An opening consolidated statement of financial position has
been prepared at 1 January 2024 in accordance with IFRS 1.
Although this represents the first financial statements prepared in accordance with IFRS as adopted by
the EU and further requirements in the Danish Financial Statements Act, Maersk Tankers has historically
applied IFRS recognition and measurement principles in preparing financial information for
consolidation purposes for its parent company, A.P. Møller Holding A/S. As a result, the formal adoption
of IFRS has not resulted in any adjustments to previously internally reported financial information.
The accounting policies applied by Maersk Tankers have been aligned with IFRS, and as such no material
differences exists between the recognition and measurement criteria historically applied in the financial
reporting to the A.P. Møller Holding A/S and the criteria applied in the preparation of these consolidated
financial statements. In addition, no objective evidence have been identified to suggest that estimates
made under previous accounting policies were in error, and, as such, no adjustments have been
recognised to opening equity upon the transition to IFRS. Accordingly, no reconciliations of impact are
presented in these consolidation financial statements.
IFRS 1 exemptions and elections
In preparing the opening consolidated financial position as at 1 January 2024, Maersk Tankers
considered the optional exemption available under IFRS 1 and have applied the exemption for being a
subsidiary that becomes first time adopter later than its parent company.
Consolidation
The consolidated financial statements comprise the parent company, Maersk Tankers A/S, its
subsidiaries and on a one-line consolidation the proportionate shares in associates, and joint
arrangements classified as joint ventures.
Subsidiaries are entities controlled by Maersk Tankers. Maersk Tankers controls an investee when it has
power over the investee, exposure or rights to variable returns from its involvement with the investee,
and the ability to use its power to affect those returns.
Control is usually 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.
Associated companies are entities over which Maersk Tankers exercises a significant but non-controlling
influence. A significant influence is usually achieved by directly or indirectly owning or controlling 20-
50% of the voting rights. Agreements and other circumstances are considered when assessing the
degree of influence.
Joint arrangements are entities in which Maersk Tankers, according to contractual agreements with one
or more other parties, has joint control. The arrangements are classified as joint ventures, if the
,
if the parties have direct and unlimited rights to the assets and obligations for the liabilities of the
arrangement.
Consolidation is performed by summarising the financial statements of the parent company and its
subsidiaries in accordance with Maersk Tankers-group income and expenses,
shareholdings, dividends, intra-group balances, and gains and losses on intra-group transactions are
eliminated.
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.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
19
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
Tankers expects to be entitled in exchange for the services. Revenue from ongoing voyages at the
related 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.
Revenue recognition under the load to discharge method requires the use of judgement and estimates
to determine the stage of completion at the reporting date. This approach is applied to all spot
transports and voyages performed under contracts of affreightment. For voyages in progress at the end
of the reporting period, additional uncertainty arises as the final duration and conditions of the voyage
may differ from initial expectations. The assessment is based on expected voyage durations, historical
performance and vessel schedules, and is also affected by external factors such as weather conditions,
port congestion and changes to destination ports. These factors may result in adjustments to
recognised revenue as new information becomes available.
Demurrage claims are recognised if they are considered probable. Management reviews these estimates
and judgements on an ongoing basis to ensure that they remain appropriate, reflect operational realities
and provide a reliable basis for revenue recognition.
Commercial management fee is recognised upon receipt of the services in accordance with the
agreements concluded.
Some 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.
Operating cost
Operating costs comprise costs incurred in generating revenue for the year, including voyage expenses,
bunker and port costs, rent and lease cost, staff cost, IT cost and other administrative cost.
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 the Danish tonnage taxation act. Tax for the year comprises an estimate of current and
deferred income tax as well as any adjustments to previous years. Tax is recognised in the income
statement to the extent it arises from items recognised in the income statement, and directly in equity
to the extent it relates to other comprehensive income.
Net taxable income (loss) is converted to the tax value applying a corporate income tax rate of 22%, in
accordance with applicable Danish tax regulations.
Deferred tax
Deferred tax is calculated on temporary differences between the carrying amounts and tax bases of
assets and liabilities. Deferred tax is not recognised for differences on the initial recognition of assets
or liabilities where, at the time of the transaction, neither accounting nor taxable profit/loss is affected,
unless the differences arise in a business combination. In addition, no deferred tax is recognised for
undistributed earnings in subsidiaries, when the Company controls the timing of dividends. No taxable
dividends are currently expected. A deferred tax asset is recognised to the extent that it is probable that
it can be utilised within a foreseeable future.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
20
Uncertain tax positions
matters. From time to time, the Company or one of its subsidiaries may be engaged in disputes with tax
authorities of varying scope. Appropriate provisions and recognition of uncertain tax positions are made
where the probability of the tax position being upheld in individual cases is considered less than 50%.
Conversely, claims for which the probability of the tax position being upheld is assessed be at least 50%,
are not provisioned for.
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 gains and losses 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.
The ineffective portion of hedge transactions and changes in the fair value of derivative financial
instruments, which do not qualify for hedge accounting, are recognised in the income statement as
financial income or expenses for currency-based instruments, and as other income/costs for oil price
hedges and forward freight agreements.
Currency basis spread and forward points are considered a cost of hedging and included in the fair value.
BALANCE SHEET
Intangible assets
Intangible fixed assets are measured at cost less of accumulated depreciation and impairment losses.
Amortisation is calculated on a straight-line basis over the estimated useful lives of the assets.
Customer relationships are amortized over a useful life of 10 years, and IT software is amortised over a
useful life of 3-5 years.
Intangible assets are tested for impairment, if there is an indication of impairment. 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 less costs of disposal.
Impairment losses are included in depreciation, amortisation and impairment losses, net, in the income
statement.
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 life of furniture and office equipment is 5-7 years. Useful life of IT
equipment is 3 years. Estimated useful lives and residual values are reassessed on a regular basis.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
21
Leases
Maersk Tankers contracts include office buildings, vessels, and other administrative equipment.
Following IFRS 16, lease obligations with longer contractual dates than one year are recognised as lease
liabilities.
Lease contracts 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 recognised at the
commencement date of the lease and are depreciated over the lease term on a straight-line basis. The
lease liability is measured at the present value of the lease payments. The lease payments are split into
an interest element presented under financial expenses and a principal element. Both elements are
included under cash flow from financing activities in the cash flow statement. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification of the contract.
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.
Finance lease receivables
Maersk Tankers enters into arrangements to sublease an underlying asset to a third party, while Maersk
Tankers retains the primary obligation under the original lease. In such arrangements, Maersk Tankers
acts as both the lessee and lessor of the same underlying asset. If a leased vessel is subleased under
terms transferring substantially all remaining risks and rewards under the head lease to the lessee in
the sublease (finance lease), the right-of-use asset is derecognised, and a lease receivable is recognised.
Gain/loss on the derecognised right-of-use asset is recognised in the income statement as revenue.
During the term of the sublease, Maersk Tankers recognises both finance income on the sublease (as
financial income) and interest expense on the head lease (as financial expenses).
If the sublease is classified as an operating lease, Maersk Tankers continues to account for the lease
liability and right-of-use asset on the head lease like any other lease.
Cash payments received on sublease receivables are classified as investing activities.
as finance or operating
leases is based on an overall evaluation of the remaining risks and rewards of each lease.
Assets held for sale
Assets held for sale are recognised when the carrying amount of an individual non-current asset, or
disposal group of assets, is recovered principally through a sales transaction rather than through
continued use. Assets are classified as held for sale when activities to carry out a sale have been
initiated, when the activities are available for immediate sale in their present condition, and when the
activities are expected to be disposed of within 12 months.
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 with any resulting loss recognised in profit or loss. The asset
is not remeasured after classification and is presented separately in the statement of financial position
until disposal.
Investments in joint ventures and associates
Investments in joint ventures comprise investments in companies which by agreement are managed
jointly with one or more companies and therefore are subject to joint control and in which the parties
have rights to the net assets of the joint venture. Associated companies and joint ventures are
accounted for using the equity method. Under the equity method, the investment in associates and joint
ventures is initially recognised at cost and adjusted thereafter to recognise the share of profit and loss.
Business combinations
Upon acquisition of new entities, the acquired assets, liabilities, and contingent liabilities are measured
at fair value at the date when control was achieved using the acquisition method. Identifiable intangible
assets are recognised if they arise from a contractual right or can otherwise be separately identified.
The difference between the fair value of the acquisition cost and the fair value of the acquired
identifiable net assets is recognised as goodwill. Contingent consideration is measured at fair value and
any subsequent changes to contingent consideration are recognised as financial income or financial
expense in the income statement. Transaction costs are recognised as operating costs as they are
incurred.
Inventories
Inventories mainly consist of bunker and consumables. 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,
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
22
the loss allowance is measured in accordance with IFRS 9 applying a provision matrix in order to
calculate the impairment.
Prepayments
Prepayments represent funds advanced to pool prefunding and agents that advances purchases on
behalf of the pools. Prepayments are measured at cost and classified as current assets. Any unspent
balance at the reporting date remains classified as a prepayment.
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.
arising from translation from functional currency into presentation currency.
Share based payment
Maersk Tankers grants equity-settled share-based payments to certain employees, which are measured
at fair value at the date of grant and expensed on a straight-line basis over the vesting period with
corresponding increase in equity.
Provisions
Provisions are recognised when Maersk 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.
Deferred income
Deferred income is recognised as a liability on the balance sheet that represents advance
payments by its customers for services that have yet to be delivered.
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
The cash flow statement shows the cash flows and cash and cash equivalents at the beginning
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
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 TANKERS A/S
FINANCIAL STATEMENTS
23
Significant accounting estimates and judgements
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 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 Tankers is particularly exposed to a material adjustment of the
carrying amounts as at the end of 2025.
ESTIMATES
Business combinations
Upon acquisition of new entities, the acquired assets, liabilities, and contingent liabilities are measured
at fair value. In fair value assessments, significant judgments have been made and estimates have been
applied using various valuation techniques. Upon acquisition of new entities, the acquired assets,
liabilities, and contingent liabilities are measured at fair value at the date when control was achieved
using the acquisition method. Identifiable intangible assets are recognised if they arise from a
contractual right or can otherwise be separately identified. The difference between the fair value of the
acquisition cost and the fair value of the acquired identifiable net assets is recognised as goodwill.
Impairment considerations
Property, plant and equipment, intangible assets and investment in associates and joint ventures are
tested for impairment when there are indicators for impairment. 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. Impairment losses are reversed to the extent the original
value is considered recoverable.
No indicators of a need for impairments or reversal of impairment have been identified as of 31
December 2025 as the longer-term expectations have not changed significantly.
Useful life
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.
Provisions for commercial claims, legal disputes, etc.
including 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 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.
JUDGEMENTS
Consolidation of pool activities
Maersk Tankers A/S is the commercial manager of a number of commercial tanker vessel pools. The
pools are organised in separate legal entities acting as disponent owners for the pools. The entities are
owned by Maersk Tankers group, but the group has limited direct economic participation in the various
pools.
As a part of preparation of the Consolidated Financial Statements, Management has assessed whether
the Group has control as defined in IFRS 10 over the pool legal entities. As all pool earnings except for
the agreed commercial management fee are distributed to the pool partners, and as Maersk Tankers
has a limited number of vessels in some of the pools, Management have concluded that Maersk Tankers
are not in control of the pool entities as defined in IFRS 10, and the pool activities are therefore not
consolidated in the consolidated financial statements of Maersk Tankers A/S.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
24
Amounts in USD thousands
2025
2024
Revenue
Revenue from customers
295,374
353,243
Total
295,374
353,243
Revenue split by type
Revenue Services rendered and others
128,387
135,470
Revenue Voyage and Time Charter Revenue
166,987
217,773
Total
295,374
353,243
Contract balances
Trade receivables from revenue from contracts
36,345
28,950
Accrued revenue - Contract assets
36,303
26,350
Deferred income - Contract liabilities
15,884
16,711
Contract liabilities
Total contract liabilities
15,884
16,711
Total contract liabilities by expected maturity - Within one year
15,884
16,711
Revenue recognised in the year from amounts included in contract liabilities at
the beginning of the year
16,711
19,927
Revenue from services rendered and others mainly relates to commercial management services,
corporate management services, and other services provided in ordinary course of business.
Revenue from voyage and time charter services includes revenue from time chartering agreements, spot
voyages, contracts of affreightment and limited income from subleases.
Accrued income included in trade receivables in the balance sheet constitutes contract assets
services transferred to date. Any amount previously recognised as accrued income is reclassified to
trade receivables at the time it is invoiced to the customer.
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.
Amounts in USD thousands
2025
2024
Bunker costs
13,248
8,741
Port costs
13,608
12,713
Voyage expenses
104,936
156,129
Rent and lease costs
45,362
30,207
Staff cost
64,847
73,661
Other operating costs
33,186
36,962
Total operating costs
275,187
318,413
Remuneration of employees
Wages and salaries
61,046
71,542
Share based payment
1,612
-
Pension costs, defined contribution plans
1,964
1,902
Social Security Contributions
225
217
Total remuneration
64,847
73,661
Average number of employees
Remuneration of Executive Management and the Board of Directors
2025
2024
Wages and salaries
2,584
2,517
Share based payment
491
-
Remuneration of the Executive Management
3,075
2,517
Remuneration of the Board of Directors
123
173
The registered executive management of Maersk Tankers A/S is considered key management personnel.
Fees to PricewaterhouseCoopers
Amounts in USD thousands
2025
2024
Statutory audit
167
148
Tax advisory services
17
93
Other Services
38
38
Total fees
222
279
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
25
Other income mainly consists of fees and commissions, Forward Freight Agreement gains, dividends and
positive fair value adjustments on equity investments.
Other cost mainly consists of Forward Freight Agreement losses and negative fair value adjustments on
equity investments.
Amounts in USD thousands
2025
2024
Depreciation
1,250
4,875
Amortisation
4,447
4,434
Depreciation and amortisation, net
5,697
9,309
Amounts in USD thousands
2025
2024
Interest expenses on liabilities
-1,180
-3,043
Interest expenses on lease liabilities
-3,885
-6,196
Interest income on loans and receivables
7,128
11,140
Net interest expenses
2,063
1,901
Foreign exchange gains
242
-
Foreign exchange losses
-956
-494
Net foreign exchange gains/losses
-714
- 494
Financial expenses, net
1,349
1,407
Of which:
Financial income
7,370
11,140
Financial expenses
-6,021
-9,733
Shipping activities are taxed on the basis of the net tonnage (tonnage tax). Furthermore, Maersk Tankers
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.
Amounts in USD thousands
2025
2024
Tax recognised in the income statement
Current tax on profits for the year
-2,687
-9,360
Adjustment for current tax of prior periods
-742
-926
Tax on dividends
-629
v
-
Total current income tax
-4,058
-10,286
Change in deferred tax for the year
899
777
Total deferred tax
899
777
Total income tax
-3,159
-9,508
Tonnage and freight tax
-3,347
-1,192
Total tax expense/income
-6,506
-10,700
Tax reconciliation
Profit/loss before tax
13,257
49,623
Profit/loss subject to Danish and foreign tonnage taxation, etc.
-26,614
-24,993
Share of profit in joint ventures
-748
-2,278
Profit/loss before tax, adjusted
-14,105
22,352
Tax using the Danish corporation tax rate (22.0%)
3,095
-4,917
Effect of higher/lower corporation tax rates outside Denmark
-1,049
-42
Non-deductible expenses (Permanent difference)
-4,725
-4,400
Adjustment to previous years' taxes
-750
-926
Change in recoverability of deferred tax asset
899
777
Tax on dividends
-629
-
Total income tax
-3,159
-9,508
Effective tax rate, %
49%
22%
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
26
Note 8: - continued
Recognised deferred tax assets and liabilities attribute to the following:
Assets
Liabilities
Net liabilities
2025
2024
2025
2024
2025
2024
Intangible assets
-
-
7,421
8,349
7,421
8,349
Other
378
493
372
458
-6
-35
Total
378
493
7,793
8,807
7,415
8,314
Change in deferred tax, net, during the year
2025
2024
1 January
8,314
-493
Change in deferred tax from business acquisition
-
9,584
Deferred tax amortization
Intangible assets
-1,855
-928
Other
956
150
Recognised in the income statement
-899
-777
31 December
7,415
8,314
Amounts in USD thousands
Customer
relationship
Software
Total
Cost
At 1 January 2024
-
8,988
8,988
Additions
-
97
97
Acquired in business combination
usiness combination
44,173
-
44,173
At 31 December 2024
44,173
9,085
53,258
Amortisation and Impairment Losses
At 1 January 2024
-
8,988
8,988
Amortisation
4,417
16
4,433
At 31 December 2024
4,417
9,005
13,422
Carrying amount as at 1 January 2024
-
-
-
Carrying amount as at 31 December 2024
39,755
81
39,836
Cost
44,173
9,085
53,258
At 1 January 2025
-
-
-
Additions
-
34
34
At 31 December 2025
44,173
9,119
53,292
Amortisation and Impairment Losses
4,417
9,005
13,422
At 1 January 2025
-
-
-
Amortisation
4,417
30
4,447
At 31 December 2025
8,834
9,035
17,869
Carrying amount as at 31 December 2025
35,338
85
35,423
The remaining amortisation period of the customer relationships at 31 December 2025 is 8 years.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
27
Amounts in USD thousands
Vessels
Land and
buildings
Total
Recognition of right-of-use asset
As at 1 January 2024
3,869
1,416
5,285
Additions
22,159
669
22,828
Depreciation
-3,594
-973
-4,567
Disposal
-22,159
-
-22,159
Acquired business combination
-
425
425
As at 31 December 2024
275
1,537
1,812
As at 1 January 2025
275
1,537
1,812
Additions
60,495
659
61,154
Depreciation
-275
-919
-1,194
Disposal
-60,495
-
-60,495
As at 31 December 2025
-
1,277
1,277
Net Carrying amount
As at 1 January 2024
3,869
1,416
5,285
As at 31 December 2024
275
1,537
1,812
As at 31 December 2025
-
1,277
1,277
Lease liability
Amounts in USD thousands
2025
2024
As at 1 January
61,119
88,084
Additions
61,154
22,828
Lease payments
-68,961
-79,896
Foreign exchange movements
-
-2
Acquired business combination
-
30,105
As at 31 December
53,312
61,119
The majority of lease contracts are time charter contracts on vessels, while a minor part is the lease of office
space. Leases have varying terms, including options to extend. The majority of the long term leased vessels
are either subleased or constitute back-to-back arrangements.
Amounts in USD thousands
2025
2024
Lease liabilities are recognised in the balance sheet as follows
Non-current liabilities, presented in borrowings, non-current
14,609
17,244
Current liabilities, presented in borrowings, current
38,703
43,875
Total
53,312
61,119
Recognised in the profit and loss statement as follows:
Interest expense relating to lease liability
3,884
6,196
Depreciation
1,194
4,567
Expenses relating to short-term leases (included in Other operating costs)
33,868
14,818
Expenses relating to service elements of leases (included in Other operating costs)
11,494
15,389
Total
50,440
40,970
Recognised in the cash flow statement as follows:
Interest elements of lease payments, presented in "interest paid"
-3,885
-6,196
Principal elements of lease payments, presented in "repayment of borrowings"
-68,961
-79,896
Total
-72,846
-86,092
Finance lease receivables
Amounts in USD thousands
2025
2024
Amounts recognised in the income statement
Gain / (loss) on sublease recognition
-1,039
8,365
Interest element of finance lease receivables
7,128
6,454
Total
6,089
14,819
Amounts recognised in the statement of cash flows
Repayment from finance lease receivables
72,233
81,089
Finance lease receivables
Finance lease receivables as at 1 January
64,711
85,799
Acquired in business combination
-
29,477
Additions
60,495
30,524
Disposals
-1,039
-
Payments received
-72,233
-81,089
Finance lease receivables as at 31 December
51,934
64,711
Of which
Classified as non-current
14,441
17,699
Classified as current
37,493
47,012
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
28
Note 10: Leases - continued
Finance lease receivables, contractual undiscounted payments
Amounts in USD thousands
2025
2024
- Within one year
39,441
49,463
- Within one to two years
10,473
18,061
- Within two to three years
4,575
-
54,489
67,524
Less: Unearned financial income
-2,555
-2,813
Net investment in finance lease
51,934
64,711
Lease commitments are disclosed in note 20.
Maersk Tankers has interests in a number of individually immaterial joint ventures.
Amounts in USD thousands
2025
2024
Maersk Tankers share
Results for the year
748
2,278
Carrying amount
3,651
7,100
Ownership
Share of profit /loss
Carrying amount
Amounts in USD thousands
2025
2024
2025
2024
Cape Tampa mbH KG & Co
24.50%
451
705
3,651
4,425
Crude Tankers III ApS
11.50%
297
586
-
2,675
Penfield Reef LLC
25.65%
-
987
-
-
Total
748
2,278
3,651
7,100
:
Amounts in USD thousands
2024
Fair Value at time of acquisition
Intangible assets
44,173
Property, plant and equipment
186
Right of use assets
426
Financial assets
17,892
Current assets
53,929
Deferred tax liability
-9,584
Liabilities
-61,626
Net assets acquired
45,396
Non-controlling interests
-
Maersk Tankers share
45,396
Purchase price
45,396
Deferred liability (earn our liability)
-7,877
Cash and bank balances assumed
-811
Cash flow used for acquisition of subsidiaries and activities
36,708
Maersk Tankers acquired 100% shares of Penfield Group on 2 January 2024. Penfield Group is a boutique
commercial management company founded in 2012, that operates tankers around the world in its
Panamax/LR1 pool, Aframax/LR2 pool, and Suezmax pool. Maersk Tankers acquired Penfield Group with
the purpose to become a commercial manager with unique scale across almost all tanker segments.
In 2024, the acquisition contributed revenue of USD 42 million and net loss of USD -1 million which is
after adjusting for acquisition accounting in accordance with IFRS 3.
No acquisition of subsidiaries and activities occurred during 2025.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
29
Amounts in USD thousands
2025
2024
Borrowings
-
30,000
Lease liabilities
53,312
61,119
Total
53,312
91,119
Of which:
Classified as non-current
14,609
17,244
Classified as current
38,703
73,875
Amounts in USD thousands
Borrowings
Lease
liabilities
Total
Cost
1 January 2024
-
88,084
88,084
New leases
-
30,105
30,105
Additions
30,000
22,828
52,828
Cashflows
-
-79,896
-79,896
Foreign exchange movements
-
-2
-2
31 December 2024
30,000
61,119
91,119
New leases
-
61,154
61,154
Cashflows
-30,000
-68,961
-98,961
31 December 2025
-
53,312
53,312
The maturity analysis of borrowings and lease liabilities is disclosed in Note 18.
Other receivables, current mainly includes working capital support to pools to ensure timely payments
to pool partners of USD 19.2 million (2024: USD 27.8 million, 1 January 2024: USD 7.5 million) and
deposits of USD 4.4 million (2024: USD 10.7 million, 1 January 2024: USD 7.1 million).
During 2025, equity investment of USD 6.3 million (2024: USD 0 million) was classified as an asset held
for sale following the plan to dispose the investment in Partankers XXIX due to the sale of the vessel
"Cape Aspro" owned by this company.
Amounts in USD thousands
2025
2024
1 January
562
2,830
Provision made
256
1,517
Amount used
-30
-2,192
Amount reversed
-106
-1,593
31 December
682
562
Provisions mainly relate to unsettled commercial claims and legal disputes in the ordinary course of its
business activities and expected to be settled within one year.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
30
Financial assets
Amounts in USD thousands
Carrying
amount
2025
Fair
Value
2025
Carrying
amount
2024
Fair
Value
2024
Carrying
amount 1
January
2024
Fair
Value 1
January
2024
Carried at amortized cost
Lease receivables
51,934
64,711
85,799
Trade receivables
72,648
55,300
58,122
Other receivables (non-interest bearing)
33,946
33,946
65,729
65,729
37,675
37,675
Cash and cash equivalents
43,927
76,216
58,894
Financial assets at amortized costs
202,455
261,956
240,490
Carried at fair value
Derivatives
2,948
2,948
2,412
2,412
545
545
Other equity investments (FVTPL)
2,916
2,916
9,886
9,886
216
216
Financial assets at fair value through profit and loss
5,864
5,864
12,299
12,299
761
761
Total financial assets
208,319
274,254
241,251
Financial liabilities
Carried at amortized costs
Bank and other credit institutions
30,000
30,000
Lease liabilities
53,312
61,119
88,084
Trade payables
78,981
69,042
55,412
Other payables
40,497
32,050
29,689
Financial liabilities at amortized costs
172,790
192,211
173,185
Carried at fair value
Derivatives
-
3,356
3,356
195
195
Financial liabilities at fair value through profit and loss
-
3,356
3,356
195
195
Total financial liabilities
172,790
195,567
173,380
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.
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.
Financial assets and liabilities measured at fair value 1 January 2024
Amounts in USD thousands
Level 1
Level 2
Level 3
Financial assets
Derivative financial instruments
-
545
-
Other equity investments (FVTPL)
-
-
216
Financial assets at fair value as of 1 January 2024
-
545
216
Financial Liabilities
Derivative financial instruments
-
195
-
Financial liabilities at fair value as of 1 January 2024
-
195
-
Financial assets and liabilities measured at fair value 31 December 2024
Amounts in USD thousands
Level 1
Level 2
Level 3
Financial assets
Derivative financial instruments
-
2,412
-
Other equity investments (FVTPL)
-
-
9,886
Financial assets at fair value as of 31 December 2024
-
2,412
9,886
Financial Liabilities
Derivative financial instruments
-
3,356
-
-
Financial liabilities at fair value as of 31 December 2024
-
3,356
-
Financial assets and liabilities measured at fair value 31 December 2025
Amounts in USD thousands
Level 1
Level 2
Level 3
Financial assets
Derivative financial instruments
-
2,948
-
Other equity investments (FVTPL)
-
-
2,916
Financial assets at fair value as of 31 December 2025
-
2,948
2,916
Financial Liabilities
Derivative financial instruments
-
-
-
Financial liabilities at fair value as of 31 December 2025
-
-
-
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
31
Note 17- continued
The Group holds equity investments in non-listed entities and fully owned entities that are not
controlled by Maersk Tankers and thus not consolidated line by line. The Group holds non-controlling
interests in these entities. The investments are measured at fair value with changes recognised in profit
or loss (classified as FVTPL). In general, the fair value is based on maritime broker valuation and where
the market price is available, that is deemed to be the fair value. However, where the market price is not
available the carrying amount is deemed to be the fair value.
Dividends are recognised in the income statement.
• Market risks, i.e. currency risk and interest rate risk
• Credit risk
• Liquidity risk
The Groups overall risk management programme focuses on the unpredictability of financial markets
and seeks to minimise the potential adverse effects on the Groups financial performance. The 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,
Currency risk
mainly in USD, the related expenses are incurred in both USD and a wide range of other currencies such
as DKK, EUR, INR, SGD and GBP. As the net income is in USD, this is also the primary financing currency.
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.
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 0.5 million (USD 0.8 million
loss and an adverse impact of USD 3.7 million (USD 3.8 million) on the other comprehensive income.
Currency sensitivity for financial instruments
Profit before tax
Equity before tax
Amounts in USD
thousands
2025
2024
1 January
2024
2025
2024
1 January
2024
EUR
23
50
283
-336
-269
133
DKK
18
21
47
-3,326
-3,316
-1,603
GBP
209
124
14
209
81
14
INR
264
548
26
-68
96
-322
SGD
10
47
22
-190
-390
-343
Other currencies
25
31
442
25
31
441
Currency split
total
549
821
834
-3,686
-3,767
-1,680
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 sensitivity analyses for interest rate risk have been prepared on the assumption 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 increase profit for the year by USD
0.4 million (2024: increase profit for the year by USD 0.5 million). These analyses are based on cash at
31 December 2025 and on borrowings and cash as at 31 December 2024 and assumes that all other
variables remain constant. A one percentage point decrease in interest rates would have a
corresponding inverse effect.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
32
Note 18– continued
Borrowings by interest rate level
Next interest rate fixing
Amounts in USD thousands
Carrying amount
0-1 year
1-5 years
5 years
1 January 2024
0-3%
-
-
-
-
3-6%
11,454
11,261
193
-
6%-
-
-
-
-
Total
11,454
11,261
193
-
Of which:
Fixed interest rate
11,454
-
-
-
Floating interest rate
-
-
-
-
31 December 2024
0-3%
-
-
-
-
3-6%
533
425
108
-
6%-
44,272
43,704
568
-
Total
44,805
44,129
676
-
Of which:
Fixed interest rate
14,805
-
-
-
Floating interest rate
30,000
-
-
-
31 December 2025
0-3%
-
-
-
-
3-6%
107
107
-
-
6%-
22,832
17,827
5,005
-
Total
22,939
17,934
5,005
-
Of which:
Fixed interest rate
22,939
-
-
-
Floating interest rate
-
-
-
-
.
Credit risk
Trade receivables
Maersk 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
Maturity analysis of trade receivables
Amounts in USDk
2025
2024
1 January 2024
Receivables not due
65,647
51,080
48,413
Less than 90 days overdue
6,609
3,689
8,379
91-365 days overdue
586
660
1,578
More than 1 year overdue
761
991
1,342
Receivables, gross
73,603
56,420
59,712
Expected credit loss
-955
-1,120
-1,590
Carrying amount
72,648
55,300
58,122
Bad debt provision, not overdue
-
-
-
Bad debt provision, 0-90 days
-66
-37
-84
Bad debt provision, 91-365 days
-111
-92
-162
Bad debt provision, > 1 year
-778
-991
-1,344
Bad debt provision split by maturity
-955
-1,120
-1,590
Approx. 82% (89%) of the expected credit loss is related to trade receivables overdue by more than one
year.
Other receivables
Other receivables are considered to have a low credit risk, and thus, considered immaterial. Other
receivables are low risk when they have a low risk of default, and the issuer has a strong capacity to
meet its contractual cash flow obligations in the near term.
Financial institutions
Deposits and bank balances are primarily held with relationship banks with a credit rating of at
least A-. Maersk Tankers has ISDA agreements for trading derivatives, under which the Group has a right
to net settlement. This results in the credit risk being limited to the net position per counterparty.
Liquidity risk
In order to provide cover for the cyclical nature of the business, the Group is committed to keep a
-term
payment obligations can be honoured at all times.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
33
Note 18– continued
As of 31 December 2025, the equity share of total equity and liabilities was 27% and at the end of 2024
was 31%.
Liquidity reserve is defined as cash and bank balances and restricted funds.
Amounts in USD thousands
2025
2024
1 January 2024
Cash and bank balances
43,927
76,216
58,894
Restricted funds
4,785
2,395
14,868
Liquidity Reserve
39,142
73,821
44,026
Maturities of liabilities and commitments
commitments
Cash flows including interest
Amounts in USD thousands
Carrying
amount
0-1 year
1-5 years
5- years
Total
1 January 2024
Borrowings
-
-
-
-
-
Lease liabilities
88,084
57,974
52,993
-
110,967
Trade payables
55,412
55,412
-
-
55,412
Other payables
29,689
29,689
-
-
29,689
Non-derivative financial liabilities
173,185
143,076
52,993
-
196,068
Derivatives, payables
195
195
-
-
195
Total recognized in balance sheet
173,380
143,271
52,993
-
196,263
Operating lease commitments
-
8,734
-
-
8,734
Capital commitments
-
-
-
-
-
Total
173,380
152,005
52,993
-
204,997
31 December 2024
Borrowings
30,000
30,00061
30,000
-
-
30,000
Lease liabilities
61,119
46,231
19,107
-
65,338
Trade payables
69,042
69,042
-
-
69,042
Other payables
32,050
36,007
32,050
-
-
32,050
Non-derivative financial liabilities
192,211
177,322
19,107
-
196,429
Derivatives, payables
3,356
3,356
-
-
3,356
3,356
Total recognized in balance sheet
195,567
180,678
19,107
-
199,785
Operating lease commitments
-
4,531
-
-
4,531
Capital commitments
-
-
-
-
-
Total
195,567
185,209
19,107
-
204,316
31 December 2025
Borrowings
-
-
-
-
-
Lease liabilities
53,312
41,020
12,889
-
53,909
Trade payables
78,981
78,981
-
-
78,981
Other payables
40,497
40,497
-
-
40,497
Non-derivative financial liabilities
172,789
160,497
12,889
-
173,387
Derivatives, payables
-
-
-
-
-
Total recognized in balance sheet
172,789
160,497
12,889
-
173,387
Operating lease commitments
-
23,164
-
-
23,164
Capital commitments
-
-
-
-
-
Total
172,789
183,661
12,889
-
196,551
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
34
Hedges consist of currency derivatives and derivatives related to fluctuations in prices of bunker and
freight prices (Forward Freight Agreements). Foreign exchange forwards contracts are used to hedge
the currency risk related to recognised and unrecognised transactions.
Derivatives recognised at fair value in the balance sheet:
Amounts in USD thousands
2025
2024
1 January
2024
Assets
Current receivables
2,948
2,412
545
Liabilities
Current liabilities
-
-3,356
-195
Liabilities, net
2,948
-944
350
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. The duration of the derivatives on bunker prices
and freight prices are typically 0-12 months and is based on the contract terms and market expectations.
For hedges related to operating cash flows, USD 2.2 million (2024: -USD 2.5 million) is recognised in
other comprehensive income and USD 0.23 million (2024: -USD 2.0 million, 1 January 2024: 0.5 million)
is in the cash flow hedge reserve in equity at 31 December 2025. There was no hedging ineffectiveness
in 2025 (2024: no hedging ineffectiveness).
Amounts in USD thousands
2025
2024
1 January
2024
Hedging foreign exchange risk on operating costs
-851
495
622
Total effective hedging
-851
495
622
Ineffectiveness recognised in financial expenses
-
-
-
Total reclassified from equity reserve for hedges
-851
495
622
Derivatives accounted for as held for trading:
Amounts in USD thousands
2025
2024
1 January
2024
Oil price and freight rate derivatives recognised directly in other
income/costs
3,970
4,089
4,457
Net gains/losses recognised directly in the income statement
3,970
4,089
4,457
Total other economic hedges
3,119
4,584
5,079
Hedge of operating cash flow and investment in foreign currencies:
Amounts in USD thousands
Fair value,
asset
Fair value,
liability
Nominal
amount of
derivative
Average hedge
rate
Main currencies hedged as at 1
January 2024
- DKK
475
-
16,500
USD/DKK 6.56
- EUR
41
-
1,500
EUR/USD 0.0
- SGD
35
-
3,650
USD/SGD 1.20
Other currencies
-
-7
3,480
N/A
Total
551
-7
Main currencies hedged as at 2024
- DKK
-
1,624
19,270
USD/DKK 6.75
- EUR
-
174
250
EUR/USD 0.0
- GBP
-
2
471
USD/GBP 0.0
- SGD
-
95
4,540
USD/SGD 1.32
Other currencies
-
85
4,968
N/A
Total
-
1,980
Main currencies hedged as at 2025
- DKK
402
-
18,132
USD/DKK 6.5
- SGD
12
-
2,200
USD/SGD 1.3
Other currencies
-
- 187
3,650
N/A
Total
414
- 187
For information about risk management strategy, currencies, maturities, etc. reference is made to
note 18.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
35
Amounts in USD thousands
2025
2024
Operating lease commitments
- Within one year
23,164
4,531
Total
23,164
4,531
Restricted shares plan
Outstanding shares
No.
Fair value
per
share
1
USD
Total
fair value
2
USDk
Outstanding as of 1 January 2025
Granted
1,869
2,965
5,542
Outstanding as of 31 December 2025
1,869
5,542
1
The fair value per restricted share is equal to the share price of Maersk Tankers A/S at the grant date calculated based on discounted
future cash flows
2
Total fair value is at the time of grant
From 2025, restricted shares are granted to members of the Executive Board and certain key employees.
Each restricted share until granted is the right to receive an existing share of nominal DKK 1,000 each
in Maersk Tankers A/S.
Transfer of the restricted share units is contingent upon the fulfilment of certain performance criteria
being met, which are set by the Board of Directors. Vesting is also contingent upon the employee still
being employed and not under notice of termination when 4 years have passed from the date of grant.
At the end of the vesting period, employees are entitled to dividends on the vesting RSUs accrued during
the vesting period, and this will be paid out either as cash or as additional shares. Special conditions
apply regarding illness, death, resignation and termination.
The recognised remuneration expense related to the performance shares plan is USD 1.6 million.
The remaining contractual life of the performance shares as per 31 December 2025 is 3 years.
The Group is involved in commercial claims and disputes, which are subject to considerable uncertainty.
The Group does not expect that the commercial claims and disputes will result in a liability.
Maersk Tankers A/S has provided a bank guarantee of USD 99.9 million (2024: USD 37.7 million) in
relation to credit facility available to the pools and the possibility of an outflow of resources is
considered remote.
Through participation in a joint taxation scheme with A.P. Møller Holding A/S, the Danish Companies are
jointly and severally liable for taxes payable etc. in Denmark.
Amounts in USD thousands
2025
2024
Change in working capital
Inventories
-1,347
3,111
Trade receivables
-16,502
19,375
Other receivables and prepayments
22,022
-16,003
Trade payables and other payables
13,791
-25,819
Exchange rate adjustment of working capital
-892
-624
Total
17,072
-19,960
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
36
Amounts in USD thousands
2025
2024
1 January
2024
Income statement
Revenue
57,064
65,464
73,808
Operating costs
-1,133
-1,476
-1,616
Other income
441
20,237
-
Financial expenses
-2,069
-3,675
-1,861
Assets
Trade receivables
2,110
1,214
7,231
Other receivables
-
552
4,669
Liabilities
Trade payables
581
235
2,553
Other payables
8,506
699
-
Finance lease liabilities
30,373
46,314
76,630
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 all the subsidiaries and affiliates of
A.P. Møller Holding A/S. Dividends of USD 8m was in 2025 paid to a company controlled by a related
party.
Njord Solution, subsidiary of Maersk Tankers AS was sold to V Group in early January 2026. The sale of
the subsidiary is not considered material therefore it was not classified as held for sale and it is not
resulting in adjusting event. No other events of importance to the Annual Report have occurred during
the period from the balance sheet date until the presentation of the financial statements.
Maersk Tankers Group comprises of the following companies:
Subsidiary
Country of incorporation
Ownership share
Broström AB
Sweden
100%
Handytankers General Partner A/S
Denmark
100%
Maersk Tankers Aframax General Partner A/S
Denmark
100%
Maersk Tankers Chemicals General Partner A/S
Denmark
100%
Maersk Tankers India Private Ltd.
India
100%
Maersk Tankers Intermediate General Partner A/S
Denmark
100%
Maersk Tankers LLC (former Penfield Marine LLC)
US
100%
Maersk Tankers LR1 General Partner A/S
Denmark
100%
Maersk Tankers LR2 General Partners A/S
Denmark
100%
Maersk Tankers MR General Partner A/S
Denmark
100%
Maersk Tankers Panamax General Partner A/S
Denmark
100%
Maersk Tankers Shipping 2 General Partner A/S
Denmark
100%
Maersk Tankers Shipping 3 General Partner A/S
Denmark
100%
Maersk Tankers Suezmax General Partner A/S
Denmark
100%
Maersk Tankers UK Limited (former Penfield Marine UK Ltd)
UK
100%
Maersk Tankers US Inc.
US
100%
Maersk Tankers US Personell LLC
US
100%
Njord Solution Aps
Denmark
100%
Njord Solution India Private Limited
India
100%
O.P.S.A. Operadora Portuaria S.A.
Venezuela
100%
Penfield LLC
US
100%
Penfield Marine Pte. Limited
Singapore
100%
Penfield Shipping Co LLC
US
100%
Penfield Shipping Investments LLC
US
100%
Associate
Country of incorporation
Ownership share
LR2 Management K/S
Denmark
50%
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
37
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 TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
38
Parent company financial statements ......................................... 37
Parent Income statement ............................................................................................................................ 39
Parent Balance sheet at 31 December .................................................................................................... 40
Parent statement of changes in equity ................................................................................................... 41
Notes to parent company financial statements ....................... 42
Note 1: General accounting policies.......................................................................................................... 43
Note 2: Revenue geographical segments ........................................................................................... 45
Note 3: Staff costs ......................................................................................................................................... 45
Note 4: Other income .................................................................................................................................... 45
Note 5: Financial income .............................................................................................................................. 45
Note 6: Financial expenses .......................................................................................................................... 45
Note 7: Tax on profit for the year ............................................................................................................. 45
Note 8: Proposed distribution of the profit for the year .................................................................. 45
Note 9: Right-of-use assets ........................................................................................................................ 46
Note 10: Investments in subsidiaries and associated companies ................................................... 46
Note 11: Deferred tax asset.......................................................................................................................... 47
Note 12: Other receivables ........................................................................................................................... 47
Note 13: Share capital ................................................................................................................................... 47
Note 14: Provisions ......................................................................................................................................... 47
Note 15: Borrowings ....................................................................................................................................... 47
Note 16: Derivatives ....................................................................................................................................... 48
Note 17: Contingent liabilities ..................................................................................................................... 48
Note 18: Commitments ................................................................................................................................. 48
Note 19: Share-based payments ................................................................................................................ 48
Note 20: Related parties .............................................................................................................................. 48
PARENT COMPANY FINANCIAL STATEMENTS
CONTENTS
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
39
PARENT INCOME STATEMENT
Note
Amounts in USD thousands
2025
2024
2
Revenue
258,715
310,879
External costs
-216,608
-247,263
3
Staff costs
-23,717
-27,165
4
Other income
3,369
20,237
Other expenses
-
-52
Profit/loss before depreciation and impairment losses (EBITDA)
21,759
56,636
9,10
Depreciation and impairment losses
-685
-19,222
Share of profit/loss in joint ventures
26
-
Profit/loss before financial items (EBIT)
21,100
37,414
5
Financial income
31,035
11,394
6
Financial expenses
-18,801
-8,518
Profit/loss before tax
33,334
40,290
7,11
Tax on profit for the year
-7,371
-8,652
8
Profit/loss for the year
25,963
31,638
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
40
Note
Amounts in USD thousands
2025
2024
Property, plant and equipment
115
-
9
Right-of-use assets
101
755
10
Investment in subsidiaries
54,508
53,382
10
Investment in associated companies
10
10
Investment in joint ventures
3,651
-
Other equity investment
2,824
172
11
Deferred tax assets
127
127
Lease receivables non-current
14,442
17,699
Total non-current assets
75,778
72,145
Inventories
2,907
1,560
Trade receivables
43,025
33,651
Receivables from affiliates
3,626
8,723
Tax receivables
72
-
17
Derivatives
707
-
12
Other receivables
29,464
50,894
Lease receivables, current
37,493
41,917
Prepayments
16,000
5,977
13
Cash and bank balances
38,297
67,585
Assets held for sale
6,349
-
Total current assets
177,940
210,307
Total assets
253,718
282,452
Note
Amounts in USD thousands
2025
2024
14
Share capital
17,249
17,249
8
Dividends proposed
20,000
40,000
Reserve for hedges
374
-1,980
Retained earnings
42,461
34,886
Total equity
80,084
90,155
11
Deferred tax liability
507
-
16
Borrowings, non-current
14,441
17,227
Total non-current liabilities
14,948
17,227
16
Borrowings, current
38,011
68,003
15
Provisions
672
552
Trade payables
53,929
42,843
Payables to affiliates
20,893
14,419
Deferred income
15,719
16,711
Tax payables
5,648
8,139
17
Derivatives
108
3,474
Other payables
23,706
20,929
Total current liabilities
158,686
175,070
Total liabilities
173,634
192,297
Total equity and liabilities
253,718
282,452
PARENT BALANCE SHEET AT 31 DECEMBER
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
41
Amounts in USD thousands
Share capital
Reserve for
hedges
Retained
earnings etc.
Dividend
proposed
Total equity
Equity 1 January 2024
17,249
545
43,248
-
61,042
Profit/loss for the year
-
-
-8,362
40,000
31,638
Cash flow hedge, net of tax
-
-2,525
-
-
-2,525
Equity 31 December 2024
17,249
-1,980
34,886
40,000
90,155
Profit/loss for the year
-
-
5,963
20,000
25,963
Cash flow hedge, net of tax
-
2,354
-
-
2,354
Dividend distributed
-
-
-
-40,000
-40,000
Share base payments
-
-
1,612
-
1,612
Equity 31 December 2025
17,249
374
42,461
20,000
80,084
PARENT STATEMENT OF CHANGES IN EQUITY
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
42
NOTES TO
PARENT COMPANY
FINANCIAL STATEMENTS
MAERSK TANKERS A/S
2025 ANNUAL REPORT· FINANCIAL STATEMENTS
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
43
Basis of preparation
The Annual Report for 2025 of Maersk Tankers A/S has been prepared in accordance with the provisions
of the Danish Financial Statements Act applicable to class-C (large) companies. The accounting policies
are unchanged compared to last year.
IFRS 15 and 16 have been applied as interpretation under Danish GAAP.
Recognition and measurement
Income is recognised in the income statement as earned. All expenses are recognised in the income
statement. Assets are recognised in the balance sheet when it is probable that future economic benefits
will flow to the Company and when the value of the asset can be measured reliably. Liabilities are
recognised in the balance sheet when it is probable that the future economic benefits will flow out of
the Company and when the measurement of the value of the liability is reliable. On initial recognition,
assets and liabilities are recognised at cost. Subsequently, assets and liabilities are measured as
described below for each item.
Foreign Currency Translation
USD is used as functional currency and as presentation currency as the majority of transactions are in
USD. At 31 December 2025 the exchange rate DKK/USD was 6.3592 (2024: 7.2029).
Transactions in currencies other than the functional currency are translated to the exchange rate on
the date of the transaction. Monetary items in foreign currency not settled by the balance sheet date
are translated to the exchange rate on the balance sheet date. Foreign exchange gains and losses are
included in the income statement as financial income and expenses.
INCOME STATEMENT
Revenue
For accounting policies related to revenue, refer to note 1 in the consolidated financial statements.
External costs
External costs include costs for premises, costs for lease of vessels on contract with a duration less than
one-year, operating costs, administration etc.
Staff costs
Staff costs comprise wages and salaries as well as payroll services.
Financial items
Financial income and expenses are recognized in the income statement at the amount relating to the
financial year. Financial items include interest income and expense, gains, and losses on transactions in
foreign currency.
Tax on profit for the year
For accounting policies related to tax for the year, refer to note 1 in the consolidated financial
statements.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less of accumulated depreciation and impairment losses.
Amortisation is calculated on a straight-line basis over the estimated useful lives of the assets.
IT software is amortised over a useful life of 3-5 years.
Asset held for sale
Assets held for sale are measured at the lower of carrying amount and fair value less costs to sell and
are fully disclosed in the consolidated financial statements.
Leases
Lease contracts 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 depreciated over
the lease term. Lease payments made are split into an interest element presented under financial
expenses and amortisation of the lease liability, 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.
Investments in subsidiaries and associated companies
Investments in subsidiaries and associated companies are recognized and measured at cost or at a lower
fair value.
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
44
Investment in joint ventures and other equity investments
Investments in joint ventures are recognised and measured using the equity method of accounting and
the other equity investments are measured at fair value. Both are fully disclosed in the consolidated
financial statements.
Deferred tax
Deferred tax is calculated on temporary differences between the carrying amounts and tax bases of
assets and liabilities. A deferred tax asset is recognised to the extent that it is probable that it can be
utilised within a foreseeable future.
Lease receivables
When a leased vessel is subleased under terms transferring substantially all remaining risks and rewards
under the head lease to the lessee in the sublease (finance lease), the right-of-use asset is derecognised,
and a lease receivable is recognised.
Gain/loss on the derecognised right-of-use asset is recognised in the income statement as revenue.
During the term of the sublease, both finance income on the sublease (as revenue) and interest expense
on the head lease (as financial expenses) is recognised.
Inventories
Inventories are measured at cost according to the FIFO method, Write-down is made to a possibly lower
net realisable value.
Receivables
Receivables are generally recognised at nominal value. Provisions for bad debts are made based on
specific assessment, either individually or in groups.
Prepayments
Prepayments, listed as assets, are recognised on the basis of prepaid costs.
Derivatives
Derivatives are measured at fair value and included under the item "Derivatives" (assets and liabilities).
Realised changes to the value of derivatives, used to hedge the value of recognised assets or liabilities,
are included in the income statement together with the changes in the value of these assets and
liabilities. Unrealized changes to the value of derivatives, used to hedge future transactions, are
recognised directly in equity as a separate reserve until the hedged transactions are realised, at which
time value adjustments are recognised in the income statement. Changes to the value of derivatives
that do not meet the requirements for being considered as hedging instruments are included in the
income statement.
Provisions
Provisions are recognised when the Company has a current legal or constructive obligation, Provisions
are recognised on the basis of specific estimates.
Deferred income
prepayments by its customers for services that have yet to be delivered.
Other payables
Other payables are recognised when the Company accounts for accrued expenses that are not directly
attributable to the ordinary course of business, dividends payable as well as salaries related payables.
Financial liabilities
Financial liabilities are initially recognised at the proceeds received and considering discounting when
the time element is significant. Any premium or discount is amortised over the term of the liabilities.
Definitions
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 TANKERS A/S
FINANCIAL STATEMENTS
45
Distribution of revenue is based on the destination, split into five principal regions:
Amounts in USD thousands
2025
2024
Europe
138,620
152,796
Asia and Pacific
29,133
31,115
Middle East
2,318
7,151
North and South America
72,780
79,510
Africa
15,864
40,307
Total
258,715
310,879
In the financial year an average of 90 people (2024: 90 people) were employed by Maersk Tankers A/S.
The total staff cost is split as:
Amounts in USD thousands
2025
2024
Salaries
22,390
25,905
Pensions
1,306
1,248
Other Social Security costs
21
12
Total
23,717
27,165
In 2025, the registered executive management has received remuneration amounting to USD 3.1 million.
For 2024 the remuneration for the registered executive management amounted to USD 2.5 million The
Board of Directors has for 2025 received fees amounting to USD 0.1 million (2024: USD 0.2 million).
For share-based payment information, refer to note 21 in the Consolidated Annual Reports.
Other income consists of fees and commissions.
Amounts in USD thousands
2025
2024
Dividend received from subsidiaries
24,193
-
Interest income from others
2,880
6,177
Interest income related to leases, etc.
3,962
5,217
Financial income
31,035
11,394
Amounts in USD thousands
2025
2024
Interest expenses related to leases
-3,776
-4,839
Other financial expenses
-15,025
-3,679
Financial expenses
-18,801
-8,518
Amounts in USD thousands
2025
2024
Current income tax
-5,493
-8,089
Prior years adjustments
-742
-563
Tax on dividends
-629
-
Deferred tax
-507
-
Total
-7,371
-8,652
Amounts in USD thousands
2025
2024
Proposed dividend for the year
20,000
40,000
Retained earnings
5,963
8,362
Total
25,963
31,638
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
46
Amounts in USD thousands
Land and
buildings
Vessels
Total
Cost as of 31 December 2024
4,292
83,463
87,755
Additions
31
60,495
60,526
Disposals
-747
-140,658
-141,405
Total cost as of 31 December 2025
3,576
3,300
6,876
Depreciation and impairment as of 31 December 2024
-3,681
-83,319
-87,000
Depreciation
-410
-275
-685
Disposals
616
80,294
80,910
Total depreciation and impairment as of 31 December 2025
-3,475
-3,300
-6,775
Carrying amount as of 31 December 2025
101
-
101
Finance lease receivables and lease liabilities are disclosed in the consolidated financial statements in
note 10.
Investments in subsidiaries
Amounts in USD thousands
2025
2024
Cost as of January 1
84,577
17,400
Additions during the year
1,126
67,177
Disposals during the year
-
-
Cost as of December 31
85,703
84,577
Impairments as of January 1
31,195
16,190
Impairment for the year
-
15,005
Impairments as of December 31
31,195
31,195
Carrying amount as of December 31
54,508
53,382
During 2025, an impairment of USD 0 million (2024: USD 15 million) was recognised. The impairment in
2024 relates to impairment of investment in Maersk Tankers US Inc USD 15 million and investment in
Maersk Tankers Romania SRL USD 0.05 million.
Owner interest
Subsidiaries
Country
Maersk Tankers Intermediate General Partner A/S
Denmark
100%
Maersk Tankers MR General Partner A/S
Denmark
100%
O.P.S.A. Operadora Portuaria S.A.
Venezuela
100%
Handytankers General Partner A/S
Denmark
100%
Broström AB
Sweden
100%
Maersk Tankers LR2 General Partners A/S
Denmark
100%
Maersk Tankers Afra General Partner A/S
Denmark
100%
Maersk Tankers India Private Ltd.
India
100%
Maersk Tankers US Inc.
US
100%
Maersk Tankers US Personell LLC
US
100%
Maersk Tankers LR1 General Partner A/S
Denmark
100%
Njord Solution Aps
Denmark
100%
Njord Solution India Private Limited
India
100%
Maersk Tankers Chemicals General Partner A/S
Denmark
100%
Maersk Tankers Shipping 2 General Partner A/S
Denmark
100%
Maersk Tankers Shipping 3 General Partner A/S
Denmark
100%
Maersk Tankers LLC (former Penfield Marine LLC)
US
100%
Maersk Tankers UK Limited
UK
100%
Investments in associated companies
Amounts in USD thousands
2025
2024
Cost as of January 1
10
10
Cost as of December 31
10
10
Associated companies
Country
Ownership interest
LR2 Management K/S
Denmark
50%
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
47
Assets
Liabilities
Net liabilities
Amounts in USD thousands
2025
2024
2025
2024
2025
2024
Deferred tax as of 1 January
127
127
-
-
127
127
Deferred tax recongnised in the income statement
-
-
507
-
-507
-
Total
127
127
507
-
-380
127
Deferred tax is related to:
Intangible assets
-
-
-
-
-
-
Others
127
127
507
-
-380
127
Total
127
127
507
-
-380
127
Deferred tax is calculated based on the difference between the carrying amount and the tax base of
assets and liabilities. Management expects the deferred tax asset to be utilised by Maersk Tankers A/S
itself or by the group of jointly taxed companies within a few years.
In 2025, Maersk Tankers provided USD 19.2 million (2024: USD 27.8 million) in working capital support
to pools to ensure timely payments to pool partners, which is reported under other receivables.
Share capital of nominally DKK 100,010 thousand (2024: DKK 100,010 thousand) is divided into 100,010
shares (2024: 100,010 shares) of a nominal value of DKK 1,000 each.
Amounts in USD thousands
2025
2024
Provisions as of January 1
552
2,820
Provisions for the year
257
1,517
Provisions used/reversed during the year
-137
-3,785
Other provisions as of December 31
672
552
Provisions mainly relate to unsettled commercial claims and legal disputes in the ordinary course of its
business activities and expected to be settled within one year.
Amounts in USD thousands
Vessels
Land and
buildings
Other
Total
2024
Lease liabilities, non-current
17,133
95
-
17,228
Lease liabilities, current
37,632
370
-
38,002
Bank and other credit instituitions
-
-
30,000
30,000
Borrowings as of 2024 December 31
54,765
465
30,000
85,230
2025
Lease liabilities, non-current
14,441
-
-
14,441
Lease liabilities, current
37,904
107
-
38,011
Bank and other credit instituitions
-
-
-
-
Borrowings as of 2025 December 31
52,345
107
-
52,452
MAERSK TANKERS A/S
FINANCIAL STATEMENTS
48
The company is exposed to currency risk mainly from changes in DKK, SGD and INR. The company has
entered derivatives to hedge fluctuations in administration costs in those currencies. As per 31
December 2025, the currency derivatives have a positive fair value of USD 0.4 million (2024: negative
fair value of USD 2 million) and hedge a nominal value of USD 18.9 million (2024: USD 29.5 million).
The derivatives have a duration of 0-12 months and the coverage on the 31 December 2025
was 66% (2024: 65%) of the expected cost incurred within 12 months from the balance sheet date.
Currency derivatives are designated as hedge accounting.
The company is to some extent using derivatives related to fluctuations in prices of bunker and freight
prices (Forward Freight Agreements). The duration of the derivatives on bunker prices and freight prices
are typically 0-12 months and is based on the contract terms and market expectations.
On 31 December 2025 the derivatives on forward freight agreements had a positive fair value of USD
0.33 million (2024: negative USD 1.4 million).
Maersk Tankers A/S is involved in commercial claims and disputes, which are subject to considerable
uncertainty. Maersk Tankers A/S does not expect that the commercial claims and disputes will result in
a liability.
Maersk Tankers A/S has provided a bank guarantee of USD 99.9 million (2024: USD 37.7 million) in
relation to credit facility available to the pools and the possibility of an outflow of resources is
considered remote.
Through participation in a joint taxation scheme with A.P. Møller Holding A/S, the Danish Companies are
jointly and severally liable for taxes payable etc. in Denmark.
Maersk Tankers A/S has entered leasing contracts with a duration less than one year totalling
USD 23.2 million (December 31, 2024: USD 4.5 million).
For all disclosures related to share-based payments, refer to note 21 in the consolidated financial
statements.
Maersk Tankers A/S' related parties include:
Controlling interest
Maersk Tankers A/S is controlled by A.P Møller Maritime ApS, Esplanden 50, 1263, Copenhagen K,
Registration no, 41 88 28 24, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal
is the ultimate owner.
Other related parties with significant interest
Maersk Tankers A/S is included in the consolidated financial statements for A.P. Møller Holding A/S,
Copenhagen, Denmark, Business Registration No 25 67 92 88. The consolidated financial statement of
A.P. Møller Holding A/S can be required at www.cvr.dk.
Other related parties include A.P. Møller Holding A/S, Agata ApS and all their subsidiaries and affiliates.
The Company's related parties include the members of the Board of Directors, registered executive
management and the key executives, as well as the related family members of these persons. Related
parties also include companies in which the above-mentioned persons have a significant interest.
Transactions with related parties
As part of its usual trading, the Company purchases and sells goods and services from/to companies
under direct or indirect ownership of A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene
Formaal.
length basis.
MAERSK TANKERS A/S
REPORTS
49
REPORTS
MAERSK TANKERS A/S
2025 ANNUAL REPORT· REPORTS
MAERSK TANKERS A/S
REPORTS
50
Registered Executive Management
Board of Directors
MAERSK TANKERS A/S
REPORTS
51
MAERSK TANKERS A/S
REPORTS
52
CVR No 33 77 12 31
mne30141
mne31489
MAERSK TANKERS A/S
REPORTS
53
COLOPHON
Board of Directors
Robert Mærsk Uggla, Chair
Martin Nørkjær Larsen
Maria Aagaard Pejter
Michael David Brennan
Emma Johansson Mazhari
Maersk Tankers Leadership Team
Tina Revsbech, CEO
Christian Huss, CFO
Claus Grønborg, CIO
Morten Gronberg, CCO
Anette Papuga, CPO
Auditor
PricewaterhouseCoopers
Statsautoriseret
Revisionspartnerselskab
Produced in Denmark 2026
MAERSK TANKERS A/S
2025 ANNUAL REPORT · REPORTS
MAERSK TANKERS A/S
REPORTS
54
Maersk Tankers A/S
Orientkaj 22, 1
2150 Nordhavn
Phone +45 89 87 00 40
Company reg. no. 28673590