Maersk expects to post H1 loss

Shipping industry analysts expect A.P. Moller-Maersk, parent of the world’s largest container line, to report a steep net loss when it reports its financial results this Friday.

Industry analysts polled by Reuters projected the Danish shipping and oil group swinging to a net loss of $553 million in the six months ended June 30 from a net profit of $2.96 billion in the same period last year, according to the average of estimates by 14 analysts.
"Maersk has suffered from a significant slow-down in the container market and low container rates. Maersk Oil & Gas has been hit by a very low oil price compared to the year-ago record level," Jyske Bank analyst Karsten Sloth said in a research note.

Operating earnings in the oil and gas division were seen down by 53.6 percent at $2.3 billion, while the container and shipping business was seen posting an operating loss of $1.14 billion.

Maersk operates the world's largest container shipping fleet, Maersk Line, and controls about 85 percent of Danish oil production in the North Sea together with partners Shell and Chevron.

Source: http://www.joc.com