The AP Moller/Maersk group’s first quarter results were disappointing, and part of the finger of blame was laid on the shipping sector.
The group delivered a profit of US$1.2-billion (R9.84-bn), the same as last year’s Q1, said the Q1 interim report. In the shipping sector, Maersk Line lost US$599-million (R4.8-bn), a big drop on the US$424-m (R3.5-bn) profit in the 2011 Q1.
This, added the report, was Maersk increasing volume by 18%, but the average freight rate declining by 9% versus Q1 last year.
In its outlook for 2012, Maersk Line expects a negative-to-neutral result, based on the assumption that the rate restoration that has taken place since March will continue.
