Maersk expects to post H1 loss
Shipping industry analysts expect A.P. Moller-Maersk, parent of the world’s largest container line, to report a steep net loss when it reports its financial results this Friday.
Industry analysts polled by Reuters projected the Danish shipping and oil group swinging to a net loss of $553 million in the six months ended June 30 from a net profit of $2.96 billion in the same period last year, according to the average of estimates by 14 analysts.
"Maersk has suffered from a significant slow-down in the container market and low container rates. Maersk Oil & Gas has been hit by a very low oil price compared to the year-ago record level," Jyske Bank analyst Karsten Sloth said in a research note.
Operating earnings in the oil and gas division were seen down by 53.6 percent at $2.3 billion, while the container and shipping business was seen posting an operating loss of $1.14 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.
Industry analysts polled by Reuters projected the Danish shipping and oil group swinging to a net loss of $553 million in the six months ended June 30 from a net profit of $2.96 billion in the same period last year, according to the average of estimates by 14 analysts.
"Maersk has suffered from a significant slow-down in the container market and low container rates. Maersk Oil & Gas has been hit by a very low oil price compared to the year-ago record level," Jyske Bank analyst Karsten Sloth said in a research note.
Operating earnings in the oil and gas division were seen down by 53.6 percent at $2.3 billion, while the container and shipping business was seen posting an operating loss of $1.14 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.