A.P. Moller-Maersk posts a $1.024 b net loss for 2009 fiscal year.
In 2009 Danish shipping company AP Moller-Maersk"s net loss totaled 7.0 billion Danish kroner ($1.024 billion) against a $3.462 billion (16.96 b kroner) profit a year earlier. Its revenues for 2009 shrank in comparison with the previous year by 20.7%, to $48.522 billion, the Company"s fiscal year statistics said.
This fiscal year"s result, AP Moller-Maersk said, was primarily due to the negative impact of the global economic crisis, which resulted in a 28% cut in freight rates for container ships from a year earlier, hitting container shipments, resulted in a $ 2.1 billion loss. Freight rates for tankers were also significantly lower than in 2008, Moller-Maersk said. Besides, in 2009 the average price of crude oil dropped by 36 percent from 2008.
"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 $2 billion and we will continue to strengthen our competitiveness even further. We expect to return to modest profit in 2010," Moller-Maersk CEO Nils Andersen was quoted as saying.
A.P. Moller-Maersk operates the world's largest container fleet. The company controls some 85% of Danish crude oil production in the North Sea, along with its partners Shell and Chevron. A.P.Moller-Maersk had seen a $577.4 million net loss in the first half of 2009.