Maersk expects high 2008 profits in 2010 - if factors hold firm

DANISH shipping giant AP Moller-Maersk expects it will have a handsome 2008-scale profit this year, much better than it had been predicted - but that's if conditions stay the same as they are today.

"The improvement of the container business has been greater than envisaged and the company expects the profit for 2010 will exceed the profit for 2008 which was US$3.5 billion - provided that freight rates, oil prices and the exchange rates remain stable at current levels," said yesterday's communiqu?

Maersk said that its revised forecast includes an accounting gain from the previously announced sale of shares in the Shenzhen-Yantian terminal, which has since been closed.

"Dansk Supermarked's sale of Netto Foodstores Limited is still subject to approval from the UK competition authorities, and the possible gain from the sale has not been included in the above-mentioned estimate," said the Maersk statement..

"The outlook for 2010 is still subject to considerable uncertainty, not least due to the development in the global economy. Specific uncertainties relate to the container freight rates, transported volumes, dollar exchange rates and oil prices," said the statement.

"The result for the first half year 2010 including an elaboration on the expectations for the 2010 result will be announced with the Interim Report on 18 August 2010," it said.
(Source:www.schednet.com)