Danish group A.P. Moller-Maersk has revealed its annual results for 2008, with revenue up to US$61.2bn from US$51.2bn in 2007 and group profit rising to US$3.5bn from US$3.4bn in 2007.
The results marked a drop on the anticipated profit forecast in November, mainly as a result of the negative development in Danske bank during the fourth quarter.
There was operational improvement across most of the company's business units during the year, the group said, although the end of the year saw the effects of the economic downturn begin to take hold.
The group's container shipping division, including Maersk Line, reported an increase in revenue to US$28.6bn for the year, up from US$25.8bn, with yearly profit jumping to US205m from US$106m last year.
Safmarine and Maersk Line transported a combined total of 7m FFEs through the year, up 2 per cent on 2007, with the former's revenue increasing 28 per cent and the latter's up 13 per cent.
And the forecast remains cloudy for the coming year, the group said, amidst an uncertain economic backdrop.
'For the A.P. Moller-Maersk Group overall, a result excluding gains on sale of ships, rigs etc is expected to be significantly below 2008 which was US$2.6bn,' the board of directors said in a joint statement. 'The outlook for 2009 is subject to considerable uncertainty, not least due to the development in the global economy. Specific uncertainties relate to the development in container freight rates, transported volumes, the US dollar exchange rate and oil prices.'
In particular, the container market is expected to suffer this year, with January 2009 transported volumes down 20 per cent on the previous year, a pattern that is expected to continue according to Maersk.
However, despite the uncertainty, Maersk's board of directors revealed that there would be 'considerable' levels of investment in 2009, including ongoing projects at APM Terminals.
