Friday, November 13, 2015

Maersk Line - decline in 3rd quarter profit

Maersk Line posted disappointed profit for the 3rd quarter of 2015.   I fear we will not be seeing and upturn in the industry until there is more consolidation in the industry.

From Maersk Line

“The Maersk Group delivered an underlying profit of USD 662m in the third quarter. The decline of nearly 50 percent compared to last year was primarily due to container freight rates deteriorating to a historically low level, especially in the later part of Q3, and profits in Maersk Oil being impacted by the lower oil price. The expected underlying result of around USD 3.4bn for 2015 reflects good performance in very challenging oil and container shipping markets, where the continuous actions taken in all our business units to reduce the cost base will enable us to maintain our ability to pursue the opportunities arising in our industries,” says Group CEO Nils S. Andersen.

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