Maersk Line post huge profits

Danish container ship giant profits up 50% on 2013, plans to divest 20% stake in Danske Bank
Maersk Line post huge profits

Maersk Line posted profits of US$2.3bn for 2014, a 50% increase on 2013's $1.5bn, despite a decrease in average freight rates, which fell 1.6% to o $2,630 per feu.

In a statement on the company website, Maersk Group CEO Nils Smedegaard Andersen: "We are very satisfied with the result for 2014 where we achieved the highest ever (group) profit of US$5.2 bn. Despite challenging market conditions we saw good progress in underlying performance across the Group.

"Maersk Line maintained its lead on the rest of the industry and APM Terminals delivered significant improvements. Maersk Drilling executed on fleet renewal programme according to plan, while Maersk Oil increased entitlement production in line with expectations.

"APM Shipping Services' underlying result came in lower than expected, primarily due to the result in Damco. With our competitive businesses and healthy balance sheet the Group is well positioned to take advantage of opportunities materialising in a volatile macroeconomic environment. In the continuing efforts to focus our portfolio and share value creation with our shareholders, it has been decided to divest our Danske Bank shares."

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by Tom Holmes

Marine Trader Editor

Tom Holmes is the Editor of Marine Trader and readmt.com, the official publications of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to Marine Trader please get in touch.

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