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Maersk Line boosts AP Møller profits, P3 aiming for Q2 2014

Maersk Line boosts AP Møller profits, P3 aiming for Q2 2014
Maersk Line’s operating profit after tax for the first nine months of 2013 stands at $1.1bn, up from $126m for the same period last year.

Profit for the third quarter was $554m, Improving on Q3 2012's $498m.

The Danish box line's efficiency drive and a drop in bunker costs slashed unit cost by $390 per feu and, along with a 10.6% increase in volumes to 2.3m feu, helped to offset a 12% decline in freight rates to $2,654 per feu.

Three of the company's Triple E ULCVs were delivered during the quarter, contributing to a capacity increase of 3.9% since Q3 2012.

The company also gave a brief update on the state of the P3 alliance for East-West trade of Maersk Line, MSC and CMA CGM, "Par­ties have carefully reviewed the applicable laws and are cooperating closely with competition and maritime au­thorities worldwide to provide the information required to obtain regulatory approval. Aim is to start operations in Q2 2014, assuming regulatory approval has been ob­tained by then."

Maersk Line expects its 2013 result to be a significant improvement on the $461m recorded last year.