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Maersk braces for lean '13

Maersk braces for lean '13
Copenhagen: AP Moller - Maersk Group today announced a 2012 profit of $4bn, fuelled by adjustments to the profitability of Maersk Line.

In total, Maersk Line’s container freight capacity increased by 4% throughout 2012. A profit of $461m was reported by Maersk Line, owing largely to 1.9% increase in freight rates, facilitated by capacity fine-tuning such as scrapping, idling and slow steaming. A decrease in fuel consumption of 11%-per-feu helped to mitigate losses, but not enough to prevent large job cuts at the company's headquarters.

APM Terminals increased its handling capacity by 6% to 35.4m teu, which, together with pre-tax divestment gains of $123m, culminated in a profit of $723m, versus $648m last year. Further successes are forecast for 2013, when APM Terminals will be growing its volumes from new terminals.

The story was not all positive, however, with Maersk’s profits mitigated somewhat by losses of $312m from Maersk Tankers, which ended the year saddled with a $268m impairment loss.

“We are satisfied with our result for the year,” said ceo Nils Smedegaard Andersen. “After a difficult start, Maersk Line improved its performance and the group achieved a result above last year’s.”

The company expects a more modest profit during 2013.