Maersk expects hit from cyber attack to be $200-$300 million

Søren Skou, CEO of A.P. Moller - Maersk Søren Skou, CEO of A.P. Moller - Maersk

AUGUST 16, 2017 — A. P. Moller - Maersk reports that second quarter grew by 8.4% to $9.6 billion year on year, mainly due to higher freight rates at Maersk Line. Underlying profit in the second quarter improved from $134 million to $389 million, with Maersk Line contributing with an underlying profit of $327 million. As a result of post-tax impairments of $732 million related to Maersk Tankers and APM Terminals, the reported result was a loss of $264 million.

Though the group expects to take a hit of $200 million to $300 million from the recent cyber attack its guidance for 2017 remains unchanged with an expectation of an underlying profit above 2016 ($711 million) Gross capital expenditure for 2017 is still expected to be $5.5 billion to $6.5 billion ($5.0 billion).

Maersk Line reiterates the expectation of an improvement in excess of $1 billion in underlying profit compared to 2016 (loss of $384 million) mainly due to improvements in freight rates and partly increasing volumes. Global demand for seaborne container transportation is still expected to increase 2-4%, but in the upper end of the range.

"Maersk Line is again profitable delivering in line with guidance, with revenue growing by $1 billion year-on-year in the second quarter. The profit was $490 million higher than the same quarter last year, based on higher rates," says Søren Skou, CEO of A.P. Moller - Maersk.

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