Maersk posts 6-mth loss of $577.4 million
Danish shipping and oil group A.P. Moller-Maersk reported a slightly bigger-than-expected net loss for the first half of 2009 on Friday and said second-half results would be at a similar level.
The world's biggest container shipping group, hit by the global economic crisis, swung to a net loss of 3.02 billion Danish crowns ($577.4 million) in January-June from a profit of 11.98 billion crowns in the same period last year.
The loss exceeded the average estimate of a loss of 2.91 billion crowns in a Reuters poll of 14 analysts whose net loss forecasts ranged widely from 930 million crowns to 5.85 billion.
"The result for the second half of 2009 is expected to be at the same level as the first half-year," Maersk said in a statement.
"The outlook for the remainder of 2009 is subject to considerable uncertainty, not least due to the development in the global economy," Maersk said.
The global economic crisis had a "severe negative impact" on the group's activities in the first half, Maersk said.
Freight rates and volumes for the group's container shipping activities were 30 percent and 7 percent, respectively, below the levels seen in the same period of 2008, Maersk said.
Average rates for the tanker activities were considerably lower than in the first half of 2008, and the average price for Brent crude was 52 percent lower than a year ago.
Average freight rates, including bunker fuel surcharges, are expected to remain at the same level in the second half as the first, the group said.
Average oil prices are expected to be higher in the second half than in the first half, it added.
Revenues fell to 127.39 billion crowns in the first half year from 148.37 billion in the same period last year, in line with analysts' average forecast of 127.33 billion.
Maersk operates the world's largest container shipping fleet, Maersk Line, and controls about 85 percent of Danish oil production in the North Sea together with partners Shell and Chevron .
Maersk's big shipping competitors include Taiwan's Evergreen Marine Corp. (2603.TW), Japan's Mitsui O.S.K Lines Ltd , Korea's Hanjin Shipping , Germany's Hapag Lloyd and privately-owned MSC.
Maersk shares closed at 33,000 crowns on Thursday. Trade on the Copenhagen bourse resumes at 0700 GMT.
The world's biggest container shipping group, hit by the global economic crisis, swung to a net loss of 3.02 billion Danish crowns ($577.4 million) in January-June from a profit of 11.98 billion crowns in the same period last year.
The loss exceeded the average estimate of a loss of 2.91 billion crowns in a Reuters poll of 14 analysts whose net loss forecasts ranged widely from 930 million crowns to 5.85 billion.
"The result for the second half of 2009 is expected to be at the same level as the first half-year," Maersk said in a statement.
"The outlook for the remainder of 2009 is subject to considerable uncertainty, not least due to the development in the global economy," Maersk said.
The global economic crisis had a "severe negative impact" on the group's activities in the first half, Maersk said.
Freight rates and volumes for the group's container shipping activities were 30 percent and 7 percent, respectively, below the levels seen in the same period of 2008, Maersk said.
Average rates for the tanker activities were considerably lower than in the first half of 2008, and the average price for Brent crude was 52 percent lower than a year ago.
Average freight rates, including bunker fuel surcharges, are expected to remain at the same level in the second half as the first, the group said.
Average oil prices are expected to be higher in the second half than in the first half, it added.
Revenues fell to 127.39 billion crowns in the first half year from 148.37 billion in the same period last year, in line with analysts' average forecast of 127.33 billion.
Maersk operates the world's largest container shipping fleet, Maersk Line, and controls about 85 percent of Danish oil production in the North Sea together with partners Shell and Chevron .
Maersk's big shipping competitors include Taiwan's Evergreen Marine Corp. (2603.TW), Japan's Mitsui O.S.K Lines Ltd , Korea's Hanjin Shipping , Germany's Hapag Lloyd and privately-owned MSC.
Maersk shares closed at 33,000 crowns on Thursday. Trade on the Copenhagen bourse resumes at 0700 GMT.
