The AP Moller Maersk Group, which owns the world's largest container shipping company, has posted a 9% increase in revenue to USD 15.3 billion in the third quarter of 2011. Profit YoY, however, dropped 78% to USD 371 million.

The group moved 16% more containers in the third quarter at 2.1 million FEUs, but declining freight rates, particularly on the Asia Europe route, led to a loss of USD 297 million.

The company said that "Unsatisfactory market conditions are a challenge. However, Maersk aims to achieve an EBIT margin 5% point above peers."

Mr Nils Andersen CEO of AP Moller Maersk Group said that "We are heading for a fairly satisfactory result for 2011 when you consider the very low rates in container shipping. The group's other core activities performed very well. With Daily Maersk, Maersk Line has improved its service to customers, and our recent large drilling contracts, our new terminal concessions demonstrate that our core businesses are progressing and expanding."

While most of its business segments delivered good returns, tankers faced difficult markets due to excess supply of tonnage and a fragmented competitive landscape.

The company said it is in good shape financially and is prepared and determined to execute on its long term growth aspirations and seize market opportunities within its core businesses despite current turmoil in the financial markets.

The group's oil and gas activities continue to invest in building and developing its resource base, and had another strong earnings quarter with a profit of USD 341 million.

(Sourced from Exim News Service)