It was tough going for Maersk Product Tankers in its first full year as a privately-held company.
The Danish shipowner posted a loss before tax of $35m (DKK 232m) amidst low spot market rates, it announced in its annual report released Monday, despite revenue growing to $647m.
In a statement, chief executive Christian Ingerslev said the company worked to create "sustainable, long-term profitable growth" through 2018.
"We invested in the future of the business, especially in areas that will strengthen us commercially and operationally, while focusing on safety and keeping vessels’ daily running costs at competitive levels,” he said.
"Of course, we are not satisfied with the results. Having said that, we are among the industry leaders on performance and costs, despite the tough market conditions."
Maersk Tankers went private in the fall of 2017 in a deal that saw it acquired by AP Moller Holding and Mitsui & Co.
In the report, the company trumpeted its fleet renewal program, in which it added four MR newbuildings, bringing its fleet to 81 vessels.
Maersk Tankers is set for 10 more newbuilding deliveries between 2019 and 2021.
In January, it sold its oldest ship, the Maersk Prosper (built 2010), reportedly for $10.6m.
The company said its capital commitments reached $384.4m, with $146.7m invested last year.
This story has been amended since publication to accurately reflect Maersk Tankers ship transactions.
