In what is likely to be the final annual results as a combined energy and shipping conglomerate, Maersk Group today revealed a net loss for 2016 of $1.9bn. The results were hit hard by impairments totalling $2.7bn in two units – Maersk Drilling and Maersk Supply Service \u2013 which are set to be syphoned off in a corporate restructure this year.<\/p>\n
S\u00f8ren Skou, presenting his first annual results since taking the role of group CEO last year, commented: “2016 was a difficult year financially, with headwinds in all of our markets. However, it was also a year when we decided to substantially transform A.P. M\u00f8ller – M\u00e6rsk A\/S for the future. We have set a new course that over the next few years will lead A.P. M\u00f8ller – M\u00e6rsk A\/S to become a focused container shipping, logistics and ports company with the aim of growing revenue again.\u201d<\/p>\n
The underlying profit of $711m was described by Skou as \u201cunsatisfactory\u201d.<\/p>\n
Prospects for 2017, however, appear more rosy for the light blue branded shipping giant.<\/p>\n
Due to what it described as \u201cgradual improvements\u201d in container rates Maersk Line, the world\u2019s largest container carrier, expects an improvement in excess of $1bn in underlying profit compared to 2016\u2019s loss of $384m.<\/p>\n
Digging into the results, Lars Jensen, a regular Splash contributor and founder of Copenhagen-based Seaintelligence Consulting, picked up on Maersk Line\u2019s noticeable pick up in business in the final quarter, something that he said should underpin the company\u2019s expectations in 2017.<\/p>\n
\u201cPart of the reason is likely that Maersk is a beneficiary of the collapse of Hanjin and customers’ subsequent flight to safety,\u201d Jensen noted, adding: \u201cLooking at Maersk Line’s development over 2016, it can be estimated that they have managed to capture 19% of Hanjin’s volume in Q4.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
In what is likely to be the final annual results as a combined energy and shipping conglomerate, Maersk Group today revealed a net loss for 2016 of $1.9bn. The results were hit hard by impairments totalling $2.7bn in two units – Maersk Drilling and Maersk Supply Service \u2013 which are set to be syphoned off …<\/p>\n","protected":false},"author":3,"featured_media":21761,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ml_titleColor":"#000000","_ml_titleFont":"Roboto","_ml_titleFontSize":1.136,"_ml_titleFontWeight":"400","_ml_titleLineHeight":1.3,"_ml_metaColor":"#708090","_ml_metaFont":"Montserrat","_ml_metaFontSize":0.6785,"_ml_metaFontWeight":"400","_ml_metaLineHeight":0.92,"_ml_bodyColor":"#a9a9a9","_ml_bodyFont":"Open Sans","_ml_bodyFontSize":0.85,"_ml_bodyFontWeight":"400","_ml_bodyLineHeight":1.2,"_ml_wooPriceColor":"#666","_ml_wooPriceFont":"Open Sans","_ml_wooPriceFontSize":0.9,"_ml_wooPriceFontWeight":"400","_ml_wooPriceLineHeight":1.27,"_ml_headingColor":"#000","_ml_headingFont":"Merriweather","_ml_headingFontSize":2.02,"_ml_headingFontWeight":"700","_ml_headingLineHeight":1.47,"_mlglobal_userfontcolors":{"headingColorUser":[],"titleColorUser":[],"metaColorUser":[],"bodyColorUser":[],"wooPriceColorUser":[]},"_uag_custom_page_level_css":"","footnotes":""},"categories":[56,70,60,64,58],"tags":[105,156],"yoast_head":"\n