English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Maersk makes money but Damco doesn't

COPENHAGEN: The AP Moller-Maersk Group has reported a six percent drop in net profits to US$3.77 billion for 2013 on revenues of US$47.4 billion – down four percent year-on-year.

Group CEO Nils Andersen said the company was pleased with profit development during the year with Maersk Line "strengthening profitability despite challenging shipping markets".

Despite a 3.4 percenAP Moller Maersk t drop in revenue to US$26.2 billion, Maersk Line profits rose to US$1.5 billion from US$461 million in 2012. Traffic volumes rose 4.1 percent in 2013 as freight rates fell 7.2 percent overall. The company cites network optimisation and lower bunker prices for the improved performance.

Fleet capacity increased by 0.2 percent to total 2.6 million TEUs as the company reduced its charter fleet by 27 ships; terminated the leases on a further 14 and took delivery of four Tripe E container vessels. An additional 16 Triple E ships are due for delivery by 2015.

Maersk Line says last year saw increased attention to sustainability performance from its customers with large customers representing 19 percent of transported volumes requesting tailored sustainability information as part of their business relationship with the company.

In a direct link to lowering costs, Maersk reports a 34 percent drop in average CO2 emission per container kilometre since 2007. Last year the company reduced emissions by a further 12 percent year-on-year due to network and speed optimisation; technical upgrading of vessels; change of behaviour and the deployment of new and more efficient vessels, such as the Triple-E.

AP Moller-Maersk expects Maersk Line to produce a similar profit in 2014 due in part to cost reductions and an overall rise in seaborne traffic of 4-5 percent. However market overcapacity will continue to depress rates, says the company.

Despite the good news from Maersk, the group reports its logistics arm Damco produced a significant loss of US$111 million in 2013 compared to a profit of US$55 million the previous year. The company cites a one-time restructuring cost aimed at "simplifying and consolidating its operational structure" with benefits to gradually show from the second half of 2014.

Revenue for 2013 fell a modest one percent to US$3.2 billion year-on-year partly as a result of reduced government-related project cargo that also contributed to the slowdown in airfreight volumes. Damco says its supply chain management business grew 13 percent, airfreight traffic rose eight percent and ocean volumes declined one percent compared to 2012.

News

Written on 28/03/2017, 21:10
qatar-backs-britain-as-may-signs-brexitLONDON/BIRMINGHAM: March 28, 2017. A day before Britain confirmed its formal departure from the European Union, the country signed an MoU with Qatar to...
Written on 28/03/2017, 18:40
gcc-airfreight-market-to-face-hyperloop-competitionABU DHABI: March 28, 2017. Speaking at the Global Manufacturing and Industrialisation Summit this week, Hyperloop One senior vice president Nick Earle...
Written on 27/03/2017, 21:25
psa-profit-despite-unrelenting-trials-and-tribulationsSINGAPORE: March 27, 2017. CMA CGM and PSA Singapore have added two more berths to their container terminal joint venture for a total capacity of four...
Written on 24/03/2017, 19:32
malaysia-and-alibaba-to-build-digital-trade-platformKUALA LUMPUR: March 23, 2017. Alibaba is to partner with the state-run Malaysia Digital Economy Corporation (MDEC) to host what company executive chairman...
Written on 24/03/2017, 16:31
ai-becomes-truckload-matchmakerHAMBURG: March 24, 2017. As PwC releases a report suggesting 950,000 jobs will be lost in the UK transport sector from the use of artificial intelligence...
Written on 24/03/2017, 15:49
dp-world-eyes-panama-as-net-profit-jumpsDUBAI: March 22, 2017. DP World has reported a 29.9 percent rise in net profit for 2016 to US$1.26 billion, on a 4.9 percent increase in revenue to total...
Written on 22/03/2017, 22:12
new-ocean-carrier-alliances-to-shake-things-upGENEVA/BRUSSELS: March 22, 2017. The impending operation of three ocean box alliances on April 01 has prompted fears of capacity constraints and rising...
Written on 20/03/2017, 19:53
volga-dnepr-paid-former-u-s-national-security-advisorWASHINGTON, DC: March 20, 2017. As Congressional hearings begin on possible connections between the Trump presidential election bid and Russia, evidence...
Written on 17/03/2017, 20:55
lufthansa-group-reports-rise-in-net-profitFRANKFURT: March 16, 2017. The Lufthansa Group has reported a 4.6 rise in net profit to €1.77 billion in 2016 on a 1.2 percent drop in revenue to €31.66...
Written on 17/03/2017, 19:19
another-airline-level-for-iagBARCELONA: March 17, 2017. International Airlines Group (IAG) will begin flights from Barcelona to Los Angeles, Oakland, Punta Cana in the Dominican...
Written on 17/03/2017, 17:39
european-commission-re-imposes-cargo-finesBRUSSELS: March 17, 2017. The European Commission has renewed its decision to fine 11 airlines €776.46 million for operating an air cargo cartel between...
Written on 15/03/2017, 20:15
ups-continues-to-reduce-ghg-emissionsATLANTA, GA: March 15, 2017. UPS is to spend an additional US$90 million on expanding its U.S. natural gas fueling infrastructure and acquiring more...
Written on 14/03/2017, 21:13
air-cargo-stuck-in-the-16th-centuryABU DHABI: March 14, 2017. Speaking at the opening of the 11th World Cargo Symposium, IATA director general and CEO Alexandre de Juniac warned air cargo...
Written on 09/03/2017, 20:41
u-s-infrastructure-strong-risk-of-failureRESTON, VA: March 09, 2017. The American Society of Civil Engineers (ASCE) says restoring U.S. infrastructure to its competitive position will cost the...
Written on 08/03/2017, 19:52
zte-fined-over-a-us-1-billionDALLAS/ SHENZHEN: March 07, 2017. ZTE, a provider of telecommunications systems, mobile devices and enterprise technology solutions, has been fined...
Written on 07/03/2017, 22:51
no-additional-trade-tariffs-warns-mexicoDETROIT, MI: March 06, 2017. Addressing executives from the U.S. auto industry, Mexico Secretary of Commerce Ildefonso Guajardo Villarreal has reiterated...
Written on 07/03/2017, 20:38
maersk-and-ibm-to-launch-digital-trade-solutionARMONK, NY: March 06, 2017. Following ratification of the WTO's Trade Facilitation Agreement, IBM and Maersk are developing the use of blockchain...
Written on 06/03/2017, 20:36
dsv-signs-red-cross-agreementCOPENHAGEN: March 07, 2017. DSV and Denmark's Red Cross have signed a global logistics agreement that includes the donation of two warehouses. With a...
Written on 06/03/2017, 19:07
good-start-for-air-cargo-in-2017GENEVA: March 07, 2017. Noting an increase in the shipment of silicon materials, IATA reported a 9.0 percent year-on-year jump in airfreight...
Written on 03/03/2017, 21:33
iata-repeats-trump-warningWASHINGTON, DC: March 03, 2017. IATA has reiterated its warning to the Trump Administration about a future of restricted borders and protectionism. "Our...

- powered by Quickchilli.com -