Maersk downbeat

Danish shipping giant AP Moller-Maersk’s 2008 profit has stood up well in tough markets towards year-end, but it warned 2009’s result will be “significantly” down.

It said net earnings dipped to $3.46bn last year from $3.42bn, on revenues of $61.21bn, against $51.21bn in 2007.

Pre-tax profit rose to $10.36bn, however, from $8.02bn year-on-year, but the tax bill rose to $6.92bn compared to $4.5bn.

It reported operational improvement in most of the group’s business units to levels well above 2007, at least before the economic slump began.

But it was hit by a lower share of profit from its shareholding in Danske Bank.

Container activities improved considerably during 2008, while difficult market conditions, especially in the second half of the year, had a negative impact on the profit.

Container terminal operations produced higher earnings and there was a high level of activity in offshore vessel markets, plus favourable average rates for crude and products tankers.

Looking ahead, it said 2009’s operational result – before rig and ship sales etc - is expected to be “significantly below” 2008, which stood at $2.6bn.

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

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