DENMARK's AP Moeller-Maersk, owner of Maersk Line, the world's biggest, has announced a year-on-year DKK3.86 billion (US$778 million) net loss for the first nine months compared to its DKK17.7 billion profit last year.
This is blamed on falling consumer demand and freight rates that were 30 per cent lower and container volumes were five per cent below those in the first nine months of 2008. Group third quarter revenue fell 25 per cent to $35.3 billion, said the company.
"As expected, the AP Moller-Maersk Group was still negatively affected by the challenging market conditions in the third quarter, particularly in the markets for container vessels and tankers," said a company statement.
"The strong focus on reducing costs continues to yield results with sales of treasury shares and issuance of bonds we have taken steps to strengthen the group's robust financial basis and long-term funding position," said group CEO Nils Smedegaard Andersen.
"Falling demand and additions of new tonnage led to lower freight rates in the first nine months. Due to market conditions, 10 per cent of the global fleet has been taken out of service," the company statement said.
"In the third quarter of 2009, volumes showed an upward trend compared to the second quarter, primarily reflecting the traditional peak season, however, volumes were lower than in the third quarter of 2008," the company said.
Rising volumes led to an increase in rates in the third quarter, but they were considerably lower than in the same period of 2008, and "further increases are required for the container market to become profitable again".
In the first nine months of 2009, the group's containerships moved 5.1 million FEU, compared to 5.4 million FEU in the same period of 2008.
In the third quarter of 2009 volumes increased compared to the second quarter, but, at 1.8 million FEU transported was three per cent lower than in the third quarter of 2008," the company said.
Source : HKSG, 13.11.09.
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