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August 22, 2009

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Home » Business » Transport

Shipper sails to net loss in H1

DANISH container shipping and oil group A.P. Moller-Maersk A/S yesterday posted a six-month net loss of US$540 million, citing a drop in global shipments of goods amid the economic crisis.

During the year-ago period, net profit was US$2.45 billion, the world's largest shipper said. Revenue in the six months sank 25 percent to US$22.75 billion, from US$30.43 billion a year ago.

"We are in a crisis of historic dimensions," CEO Nils Smedegaard Andersen said.

Moller-Maersk said a 52 percent drop in the price of crude had a negative impact on its oil and gas activities, and that average rates for its tanker activities "were considerably lower" than in the first half of 2008.

"The global economic crisis had a severe negative impact on the activities of the A.P.Moller-Maersk Group," the Copenhagen-based company said.

The group gave a gloomy forecast, expecting no improvement in the second half of the year.


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