Maersk profits slip

The AP Moller/Maersk group
increased its turnover in the
third quarter, but saw its
profits slip well below last
year and the first two quarters
of this year.
The group’s revenue in the
third quarter was US$15.33
billion compared to US$14.056
bn in the same period in
2010, rendering profit of only
US$371 million (US$1 671 m).
The container activities
transported 2.1m FFE
(1.8m FFE), 16% higher than
in Q3 2010. However, said
the quarterly report, this
was not enough to offset the
impact from declining freight
rates – leading to a loss for
the period of US$297m
(profit of US$1 028m).
The unsatisfactory market
conditions are a challenge
for the liner industry, the
report added.
The outlook for 2011
is subject to uncertainty,
according to group CEO Nils
S Andersen, not least due to
developments in the global
economy, oil price and global
trade conditions – and the
group still expects a result
lower than 2010, as stated in
the interim report in August
2011. The group expects a
profit for 2011 in the range of
US$3.1-US$3.5 bn, including
divestment gains.
The container activities now
expect a negative result for the
full year as a consequence of
lower rates, especially on the
Asia-Europe trade.
For the first nine months
of the year, APM/Maersk had
a turnover of US$45.257bn
(US$41.415bn) and a profit of
US$3.104-bn (US$4.194bn)