Unprofitable year ahead, predicts Maersk
Fri, 6 Mar 2009
Maersk Line's owner does not expect the carrier to be profitable in 2009 because of falling volumes and low rates.
In its full-year 2008 results, AP Møller Maersk said year-on-year final quarter volumes fell 9%, before dropping by 20% in January.
AP Møller Maersk's CEO Nils Andersen said rather than improving profitability, it would concentrate on delivering "outstanding" service without pricing itself out of the market.
Its container shipping segment increased revenues by 9.9% to US$28.6bn. Profit was up 93% to $205m - the sale of ships raised $346m.
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