Maersk Line
SHIPPING group Maersk raised 2010 profit guidance after it reported a forecast-beating first quarter driven by recovering freight rates and higher oil prices.
The Danish company, which has its UK headquarters in Liverpool city centre, said net profit for three months to March were $168m, compared with a $581m loss on the same period last year. Revenue rose 23% to $5.75bn.
In March, the group said its container business, where its Maersk Line is world leader, would post another loss this year. However, chief executive Nils Smedegaard said yesteday: “The group’s container shipping and related activities are now expecting a positive result for 2010 based on the improved market conditions for container shipping.”
Freight rates had improved significantly from three months ago, he added, but he cautioned against expecting the first-quarter trend to last all year. “One should beware of thinking that this will develop at the same speed,” he said.
