July 8, 2010
Maersk looks for 2010 profit to top $3.5 billion
Here's another sign of optimism in the container shipping sector.
A.P. Moller Maersk now expects its 2010 profit to exceed the $3.5 billion it made in 2008.
That's a lot better than the full-year net loss in 2009 of $1.31 billion. It's also an advance on an interim management statement on May 12 that said that a profit was expected in 2010.
Since then, says the company, the improvement in the container business has been greater than envisaged and it now "expects that the profit for 2010 will exceed the profit for 2008 (which was USD 3.5 billion corresponding to DKK 17.6 billion at the time), provided that freight rates, oil prices and the USD exchange rate remain stable at current levels. This includes an accounting gain from the previously announced sale of shares in the Yantian terminal in China which has now been closed."
The outlook for 2010 is still subject to considerable uncertainty, not least due to the development in the global economy, says the company. Specific uncertainties relate to the container freight rates, transported volumes, USD exchange rate and oil prices.
It will announce its result for the first half year 2010 in its Interim Report on August 18, and says it will then say more about its expectations for the 2010 result.