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COVERNEWSLETTERSHIPPING & PORT SERVICES

Maersk Group Posts 82% Profit Plunge

Parent company of the APM Terminals, Maersk Group, has recorded a downslide of profits for 2015, going down by 82 per cent.

The Danish shipping and energy conglomerate announced a profit of $925 million for the full year ending December 31, 2015, against the $5.2 billion reported in 2014.

Maersk’s underlying profit for the full year reached $3.1 billion, also down from the 2014 results when Maersk reported $4.5 billion in underlying profit.

Although the fall in oil price was blamed largely for the poor outing, compared to last year, profits were lower in Maersk Line, Maersk Oil, and APM Terminals and higher in Maersk Drilling and APM Shipping Services.

The group said that it delivered a strong cash flow from operating activities of $8 billion ($8.8 billion) for the year and $2 billion ($2.4 billion) in Q4, despite a significant decline in container freight rates and oil prices.

 

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