Maersk reports net loss in second quarter

COPENHAGEN: Danish shipping group A.P. Moller Maersk reported an unexpected net loss in the second quarter due to terminal and tanker impairment charges, but said it was upbeat on the container shipping outlook.

Maersk also said it expected a US$200mil to US$300mil bill from a June cyber attack that disrupted its container shipping operations for weeks.

The company’s net loss stood at US$264mil, compared with expectations for a US$507mil net profit, according to an average of forecasts in a Reuters poll.

The firm reported impairment charges this year of about US$700mil in the terminal and tanker business.

“I am relatively positive on the outlook for the container shipping industry. If you look at our second quarter results, they were driven by higher freight rates alone,” chief executive Soren Skou told Reuters.

Maersk saw an increase in freight rates of 22% in the period compared with a year earlier.

“This is driven by good fundamentals. The global economy is doing well,” he said in an interview.

The company maintained its expectation for a rise in global demand for seaborne container transportation at 2% to 4% this year, but said it was now expected in the upper range.

Operating profit before depreciation and amortisation of US$2.06bil was in line with the US$2.05bil forecast by analysts. — Reuters