A.P. Moller-Maersk’s revenue for the period 1 January-30 September increased by 17% to $41.4 billion, primarily as a result of higher freight rates for the Group’s container shipping activities and higher oil prices. The net result for the period was a profit of $4.2 billion, (- $0.7 billion), the Group’s interim report said.
“The result is exceptional, and we are very satisfied. Markets have been favourable, but first of all, our businesses are in excellent shape. Especially our container business has improved and is ahead of competition on profitability. We are ready to seize opportunities, especially in emerging markets,” says Group CEO Nils S. Andersen.
The Group reports a profit of $2,254m (a loss of $1,590m) in the segment of container shipping and related activities due to an increase in average freight rates of 34%, an increase in transported volumes of 7% and substantial savings per unit.
“The result is exceptional, and we are very satisfied. Markets have been favourable, but first of all, our businesses are in excellent shape. Especially our container business has improved and is ahead of competition on profitability. We are ready to seize opportunities, especially in emerging markets,” says Group CEO Nils S. Andersen.
The Group reports a profit of $2,254m (a loss of $1,590m) in the segment of container shipping and related activities due to an increase in average freight rates of 34%, an increase in transported volumes of 7% and substantial savings per unit.
APM Terminals’ segment brought $ 668 million ($ 340 million), thanks to gains on sale of an ownership interest in Sigma Enterprises Ltd. The number of containers handled increased by 3% despite discontinued activities at six terminals. The remaining terminals had an 8-percent gain in volumes.
The Group has profit of $1,339 million ($958 million) in the segment of oil and gas activities was, thanks to a 35-percent increase in oil prices to an average of $77 a barrel. The increase more than compensated for a 17% decline in the Group’s share of oil and gas production to 103 million barrels. The Group’s exploration costs were $346 million ($466 million).
Maersk Tankers’ segment result was a loss of $103 million in the first nine months of 2010 (a loss of $193m). Maersk Tankers incurred impairment losses of $ 107 million in the third quarter of 2010. However, the Group reports positive result in the segment of drilling activity that increased to $300 million ($168 million) due to delivery of new rigs and a continued high level of contract coverage at attractive rates.
The Group says it expects a result for the full year at about $ 5 billion. The improvement is due to higher freight rates for the Group’s container business and additional efficiency improvements.
The Group has profit of $1,339 million ($958 million) in the segment of oil and gas activities was, thanks to a 35-percent increase in oil prices to an average of $77 a barrel. The increase more than compensated for a 17% decline in the Group’s share of oil and gas production to 103 million barrels. The Group’s exploration costs were $346 million ($466 million).
Maersk Tankers’ segment result was a loss of $103 million in the first nine months of 2010 (a loss of $193m). Maersk Tankers incurred impairment losses of $ 107 million in the third quarter of 2010. However, the Group reports positive result in the segment of drilling activity that increased to $300 million ($168 million) due to delivery of new rigs and a continued high level of contract coverage at attractive rates.
The Group says it expects a result for the full year at about $ 5 billion. The improvement is due to higher freight rates for the Group’s container business and additional efficiency improvements.