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Downturn having ‘severe’ impact on global shipping - Maersk

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Leadership

Downturn having ‘severe’ impact on global shipping - Maersk

12.11.2009
The economic crisis has had a “severe negative impact” on the activities of global shipping giant Maersk, the company said today as it reported losses of US$166m for its third quarter.

The Danish shipping firm said revenues for the first nine months of the year were down 25pc to US$35.3bn on the same period a year earlier.

Freight rates and volumes for the group’s container shipping activities over the first nine months of the year were respectively 30pc and 5pc below the same period of 2008.

As a result, the group reported a loss of US$706m for the period, compared to a profit of US$3.6bn reported in 2008.

Impairment losses over the first nine months of the year of US$319m have more than doubled on the US$140m reported for the same period a year previous, Maersk said.

However, the group said it had made considerable cost savings of US$1.5bn in its business areas and group functions over the first nine months of 2009.

“As expected, the AP Moller - Maersk Group was still negatively affected by the challenging market conditions in the third quarter of 2009, particularly in the markets for the group’s container vessels and tankers,” said Group CEO Nils Smedegaard Andersen.

Maersk’s outlook for the full-year 2009 remains unchanged from its previous forecast of a loss of US$1bn, adding that the outlook for 2009 is still subject to uncertainty.

 

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