Cargo Business Newswire

Thursday, May 5, 2016

Top Story

Maersk Line returns to profit in first quarter

Maersk Line made a profit of $37 million in the first three months of 2016, compared with analysts' average forecast for a loss of $121 million in a Reuters poll. The bottom line improved through cost cutting and a pick up in volumes, it said on Wednesday.

That was still down from a $714 million profit in the same quarter last year, however.

"While market conditions remain challenging, we continue to adjust our cost base to the new conditions," said Chief Executive Nils Smedegaard in a statement.

The shipping giant plunged to a loss in the last quarter of 2015 for the first time in nearly three years, in an industry plagued by a weakened

global economy and vessel overcapacity.

Maersk Group repeated its forecast for its container business to achieve an underlying result this year that's "significantly below last year," with global demand for ocean container transportation expected to grow 1-3 percent.

For more of the Reuters story: www.reuters.com