A.P. Møller-Maersk, the parent group of leading shipper Maersk Line, has revealed a major year-on-year improvement in its net result for the first nine months of 2010, up to US$4.2bn (€3.1bn) from a loss of US$700m (€509m) last year.
Revenue for the period climbed 17 per cent to hit US$41.4bn (€30bn), Maersk announced, with growth attributed to higher freight rates in the group's container shipping activities and higher oil prices.
The container shipping segment yielded a profit of US$2.2bn (€1.6bn) through the first nine months, contrasting with a loss of US$1.6bn (€1.2bn) in 2009, positively impacted by an increase in average freight rates of 34 per cent and growth in transported volumes of 7 per cent.
APM Terminals' segment result came to US$668m (€485m), up from a profit of US$340m (€247m) last year, with the number of containers handled rising by 3 per cent year-on-year.
'The result is exceptional, and we are very satisfied,' said group CEO Nils Andersen. 'Markets have been favourable, but first of all, our businesses are in excellent shape. Especially, our container business has improved and is ahead of competition on profitability.
'We have moved from defence to the attacking zone, and we are ready to take more territory, especially in emerging markets,' he added.
As a result of the strong start to the year, Maersk has increased its full-year guidance from an original estimate of over US$4bn to an anticipated result of US$5bn (€3.6bn), driven by the container business and additional efficiency improvements.
Maersk noted that it had factored in an expected seasonal decline in volumes and freight rates towards the end of the year, and consequently a lower result in the fourth quarter, with the outlook still subject to 'uncertainty'.
