Low oil prices, freight rates hit Maersk group's profits

By The Associated Press

 

COPENHAGEN, Denmark (AP) — Denmark's shipping and oil group A.P. Moller-Maersk says its profit dropped 89 percent in the second quarter, negatively impacted by significantly lower container freight rates and oil prices.

The Copenhagen-based group said Friday that profit dropped to $118 million in the three-month period that ended June 30, from $1.09 billion. Revenue fell to $5.1 billion, down from $6.3 billion.

Soeren Skou, chief executive of one of the world's biggest shipping conglomerates, said "the result is unsatisfactory."

The group said its full-year expectation of "an underlying result significantly below last year" which was $3.1 billion, was "unchanged."

Maersk shares dropped 0.6 percent in morning trading in Copenhagen to 9,065 kroner ($1,360).

Denmark's biggest company has some 89,000 employees and activities in more than 130 countries. Results were posted in U.S. dollars.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs