The major container shipping company Maersk recently issued its financial performance results for 2020, highlighting that despite the low volumes due to COVID-19, the company left 2020 with a strong balance sheet and plenty of firepower.
As Maersk CEO, Søren Skou noted:
“2020 will forever be remembered for the COVID-19 pandemic that negatively impacted our lives, jobs, businesses and the global economy. I am proud that we have accelerated our transformation and delivered earnings growth during every quarter of 2020, despite very different market conditions, beginning with negative COVID-19 impact in the first half to a rebound in Q4”.
What is more, during his presentation, Skou reported that the company was planning to replace some of its older fleet and keep its market share growing its Ocean business in line the market growth. “We have to replace our tonnage, every day our older fleet gets older, and there will be some replacement work, but you should not expect anything dramatic” he added.
In addition, the container major is working to find out what is the best fuel for the industry’s future. Namely, the company revealed that the alternative fuels based on alcohols (methanol and ethanol), bio-methane, and ammonia will be the basic principles of a combustion engine.
“In terms of Capex guidance and fuel technology, we are still working on figuring out what is the best fuel for us for the future. But, the alternatives that we are looking at are fuels like alcohols, ammonia and so on, which basically can be used on a combustion engine. So, that means that if we end up finding exactly the right solution there then would be a big retrofit opportunity for us”… Skou continued.
Overall, following its green strategy, Maersk Mc-Kinney Møller Center for Zero Carbon Shipping recently joined forces with Alfa Laval Marine Division, as they inked a Strategic Corporate Partnership Agreement in an effort to develop zero carbon solutions for the shipping industry.