APM-Maersk results reflect economic crisis

The parent group of the world’s largest container line, AP Moller-Maersk, has reflected the global economic crisis, with a first half slump in freight rates and volumes. For the group’s container shipping activities rates were off by 30% and volumes down 7% over the same period of 2008. However, as a flash of a green shoot, the result for the second quarter was slightly better than expected, said the group interim report. Revenue for the half-year fell by 25% to US$22.752-billion – and the net result for the period was a loss of US$540-million, compared to the profit of US$2.456-bn in the same period of 2008. Nils S Andersen, group CEO, expects the result for the second half of 2009 to be at the same level as the first half year. “The outlook for the remainder of 2009 is subject to considerable uncertainty,” he said in the report, “not least due to the development in the global economy. “Specific uncertainties relate to the development in container freight rates, transported volumes, the US$ exchange rate and oil prices.”