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 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 The response to my Pizza Express review has been overwhelming, and taught me a lot about journalism
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...