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Maersk sinks into red, sees further loss

Maersk sinks into red, sees further loss

Copenhagen: Danish shipping and oil giant A.P. Moeller-Maersk reported on Friday a first half net loss of 3.02bn kroner ($577m) as the global slump depressed freight demand, writes AFP. In the six months to June 2008, the company, a global shipper, made a net profit of 11.98bn kroner.

A.P. Moeller-Maersk said the recent global economic turmoil had hit the company "primarily by way of declining volumes and rates for container shipping activities." Freight revenue tumbled 30% to 54.9bn kroner, a statement said.

The company downplayed the possibility of a return to profitability before 2010. "The result for the second half of 2009 is expected to be at the same level as the first half year," it said.

"Specific uncertainties relate to the development in container freight rates, transported volumes, the US dollar exchange rate and oil prices."  [21/08/09]