Shipping group AP Møller-Maersk has announced that it has suffered a €750m loss in its full year results for 2009 and has admitted being “significantly negatively affected” by the global financial crisis.
In a statement, the Denmark-based group said its profit for the year, its first ever negative result, had been a “significant loss” compared with the €2.5bn profit recorded by the company in 2008.
Maersk’s sales for the year also dropped by 21 per cent to €35,516bn compared with €44,804bn 12 months before, a result that was principally affected by a 28 per cent fall in revenue at its container division, Maersk Line, from €20,982bn to €15,086bn.
The group said the “substantial negative segment result” recorded by its container shipping activities reflected “tough market conditions with freight rates and volumes”, although it said measures to reduce costs last year had helped mitigate the negative impact from market conditions.
Maersk group chief executive Nils Andersen said: “The loss is significant, but 2009 was an extraordinary year with historically low rates and low demand.
“We managed to limit the loss by saving around US$2bn and we will continue to strengthen our competitiveness even further.
'We expect to return to modest profits in 2010.”
