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Maersk expects outlook to fall

Maersk expects outlook to fall
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 USD 2.6 billion.

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 USD 2.6 billion.

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 USD 2.6 billion.

With the present market situation it is not realistic to expect gains on sale of ships, rigs, etc. of any significance.

The outlook for 2009 is subject to considerable uncertainty, not least due to development in the global economy. Specific uncertainties relate to the development in container freight rates, transported volumes, the USD exchange rate and oil prices. Container shipping and related activities showed a moderately positive result slightly above 2007. The result was negatively affected by significantly higher fuel costs, although to a larger extent than previously compensated for by fuel surcharges on freight rates. Increasing freight rates in the first half of the year affected the result positively. Freight volumes in major trades fell in the last quarter of the year, causing rates to develop negatively.

The streamLINE initiatives launched in January 2008 entailed non-recurring costs of USD 245 million. The initiatives are expected to take full effect over the coming years. APM Terminals increased its revenue by 24% and the profit both before and after sales gains and impairment losses was somewhat above 2007.

www.TurkishMaritime.com.tr

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