Container shipping line Maersk's shares jump 7%
Friday 16 August 2013
Shares in the world’s biggest container shipping line jumped more than 7% today as it reported a sharp improvement in world trade in the latest quarter.
Maersk said profits at its shipping business, which is seen as a bell-wether for international trade, had almost doubled to $439 million (£282 million) from $227 million in the three months to June. Analysts had predicted profits of just $99 million from the division. The Maersk container fleet, which recently took delivery of the world’s largest container ship, accounts for 15% of the world’s container shipping capacity.
Overall the Maersk group, which also includes oil and logistics, said net profit fell about 11% to $856 million, against a forecast of a 30% drop to $667 million, according to a poll of analysts.
The company cautioned that 2013 is “subject to considerable uncertainty, not least due to developments in the global economy.” It expects full-year net profit to be around $3.3 billion, below the 2012 result of $4 billion.
Results for the container shipping unit are now seen significantly above those in 2012, against a previous forecast they would exceed last year’s $461 million. But the group cut its outlook for growth in demand for seaborne containers to 2%-3% from 2%-4%.
Chief executive Nils Andersen plans to create a new division called services and other shipping with a target of $500 million of revenues by 2016.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...