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Mærsk enjoys shipping boost

Danish group delivers lower profit but does enjoy a stronger first quarter for its Maersk Line division

Mærsk enjoys shipping boost

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Danish logistics giant AP Møller Mærsk has released its interim report covering the first quarter of 2013, with profit and revenue for the period both falling despite a stronger year-on-year performance by its Maersk Line shipping division.

The group said that it had delivered a profit of US$790m (€613m) through the opening quarter, a 33 per cent reduction on the same period of 2012 when profit came in at US$1.2bn (€931m), while revenue fell 2 per cent from US$14.3bn (€11.1bn) to US$14bn (€10.9bn).

Maersk Line jumped from a net loss of US$599m (€465m) last year to a profit of US$204m (€158m), a turnaround that the group attributed to lower costs and higher average freight rates. However, profit was actually down when compared with the fourth quarter of the year, when it came in at US$335m.

APM Terminals made a profit of US$166m, down from US$226m last year, with the number of containers handled remaining at the same level as in 2012.

“We have improved our performance in the past year and we are satisfied with our result for the first quarter," said group CEO Nils Andersen. "Maersk Line is much more competitive and has gained strength to deal with the challenging shipping markets.

"During the year, Maersk Oil has replaced its reserves successfully and we will continue with a high exploration level to develop our portfolio for the long term," he added. "APM Terminals continues to progress in growth markets while Maersk Drilling has overcome its operational issues and is back on track."

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