Maersk Line Beats Profit Forecast on Shipping Sector

By Finance
The biggest international shipping and oil group, A.P. Moller-Maersk reported the net profits has felt less than they expected in 2013 due to business development of their subsidiary Maersk Line.

Reuters analysts forecast for $808 million net profits of Maersk Line was refuted as the Danish company stated $936 million profit in the 4/4 of 2013.

The spokesperson of Maersk Line said, the net profit of the group is expected to be in the 2013's line figure of $3.78 billion.

In the addition, Maersk Line, which is accounted for the half of the revenues of A.P. Moller-Maersk, reported rose in transported volumes in 2013 but a fall in its average container freight rate.

“We expect container freight rates to go up and down and over-capacity will continue to 2016,” Chief Executive Nils Smedegaard Andersen said on a teleconference.

The benchmark index of A.P. Moller-Maersk fell 0.6% as the shares were 2.2% down at 8:55 UTC.

“Given the share has risen considerably recently and the slightly disappointing guidance, we expect that the share will show a negative trend in today’s trading,” Handelsbanken Markets wrote in note to clients.