Maersk suffers increased losses

AP Moller Maersk’s container shipping division made a loss of US$539m in the third quarter, bringing its total loss for the year to $1.5bn.
The Danish shipping group, which owns Maersk Line and Safmarine, blamed the loss on low freight rates, which were 32% less in the third quarter of this year than they were a year earlier.
However, it said rates had improved in the third quarter compared to the second quarter.
It said: “Falling demand and additions of new tonnage led to substantially lower rates in the first nine months of the year than in the same period of 2008.
“Due to the current market conditions, approximately 10% of the global fleet has been taken out of service.
“In the third quarter of 2009, volumes showed an upward trend compared to the second quarter, primarily reflecting the traditional peak season. However, volumes were lower than in the third quarter of 2008.
“Combined with temporary capacity reductions, the rising volumes led to a general increase in freight rates in the third quarter.
“Nevertheless, rates were considerably lower than in the same period of 2008, and further increases are required for the container market to become profitable again.”
In the third quarter of last year, Maersk’s container sector made a profit of $99m.

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