Maersk bouncing back by high freight rates

Revenue for the period increased by 17% to USD 41.4 billion, primarily as a result of higher freight rates for the Group container shipping activities and higher oil prices. The net result for the period was a profit of USD 4.2 billion (a loss of USD 0.7 billion).

The result is exceptional, and we are very satisfied. Markets have been favourable, but first of all, our businesses are in excellent shape. Especially our container business has improved and is ahead of competition on profitability. We have moved from defence to the attacking zone, and we are ready to take more territory, especially in emerging markets, says Group CEO Nils S. Andersen.

The segment result for the Group container shipping and related activities was a profit of USD 2,254 million (a loss of USD 1,590 million). The result was positively affected by an increase in average freight rates of 34%, an increase in transported volumes of 7% and substantial savings per unit.

APM Terminals segment result was USD 668 million (USD 340 million), positively affected by gains on sale of an ownership interest in Sigma Enterprises Ltd. The number of containers handled increased by 3% despite discontinued activities at six terminals. The remaining terminals had an 8% increase in volumes.

Maersk Tankers segment result was a loss of USD 103 million in the first nine months of 2010 (a loss of USD 193 million). Maersk Tankers incurred impairment losses of USD 107 million in the third quarter of 2010.<Korea Shipping Gazette>