AP Moller-Maersk earnings plummet US$4.5bn

Group CEO Nils S Andersen said that while the loss was significant, 2009 had been an extraordinary year with historically low rates and demand. “We managed to limit the loss by saving about US$2bn and we will continue to strengthen our competitiveness even further,” he said.

In 2009, the AP Moller-Maersk Group was significantly affected by the global economic crisis with freight rates for the Group’s container activities 28% lower than in 2008, resulting in a negative result of US$2.bn in that sector.

At the same time tanker rates were also substantially lower, with the average price of crude oil 36% lower in 2009 compared to 2008, although the Group’s share of oil and gas production remained at the same level as in 2008.