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Maersk maneuvers for logistics management future

COPENHAGEN: November 07, 2017. A.P. Møller – Mærsk has reported a 14 percent rise in Q3 revenue to US$8 billion; EBITDA earnings of US$978 million; and a net loss of US$1.5 billion largely due to a US$1.4 billion accounting impairement for Maersk Drilling that is expected to be sold in the next 12 months.

Edith Maersk"I am pleased with the agreements reached in Q3 for Total S.A. to acquire Mærsk Oil & Gas and A.P. Møller Holding to acquire Maersk Tankers, which indicates a solid progress in the separation of the Energy businesses," said CEO Søren Skou.

"Whilst solutions for Maersk Drilling and Maersk Supply Service remain to be defined before the end of 2018, the future Maersk will leverage even further its position of strength within Transport & Logistics," he added.

Improved container rates saw Maersk Line revenue increase from US$5.3 billion to US$6.1 billion in Q3 to produce a profit of US$220 million. APM Terminals on the other hand reported a loss of US$267 million on revenue of US$1.02 billion, "impacted by impairments of USD 374 million related to terminals in markets with challenging commercial conditions," said Maersk.

DAMCO increased Q3 revenue to US$688 million from US$635 million in the same period last year and produced a loss of US$6 million compared to a profit of US$15 million in 2016. The result was affected by the cyber-attack in June as well as lower ocean margins "positively offset mainly by supply chain management volume growth and air freight margin improvements".

Maersk said its transport and logistics businesses are now expected to produce an underlying profit of "around US$1 billion" in 2017 – a figure that includes US$250-$300 million in lost business during July and August following the cyber attack.

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