Thursday 22nd Nov, 2018

Maersk back in black

Photo: Southern Cross Maritime
Photo: Southern Cross Maritime

A.P. Møller – Maersk was back in the black in 2017, reporting an underlying profit for continuing operations in calendar year 2017 to be US$356m – an increase of 172% on 2016’s loss of US$496m.

This improvement comes on the back of a 13% increase in revenue to US$30.9bn.

A.P. Møller – Maersk CEO Søren Skou said the past year was unusual for the company, characterised by a cyber-attack and some operational challenges in a few hubs.

“We succeeded in growing the revenue by 13%, improving cash flow and increasing underlying profits from a low 2016 base,” he said.

“However the financial result shows that significant improvements are still needed. On the other hand, when we look at the strategic business transformation, progress throughout the year has indeed been satisfactory.

“We have taken the first steps towards the integration of our container-shipping, ports and logistics businesses and our digital transformation is taking shape.”

Highlights for the past year included the acquisition of Hamburg Süd; together the two carriers have more than 19% share of the global container liner market with 4.256m TEU.

Hamburg Süd is to remain an independent brand, with only operational aspects merging with Maersk Line.

“After a successful acquisition of Hamburg Süd, the integration is off to a good start, with both carriers growing volumes during the first months,” Mr Skou said.

“A smooth integration of Hamburg Süd remains a top priority for 2018.”

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