Maersk Line and APMT profits plunge in third quarter

The world’s biggest shipping company, Maersk Line, has announced a 59% year-on-year drop in its pre-tax profit during the third quarter of 2015 amid continued overcapacity and low freight rates.

The company, part of Maersk Group, recorded a US$303m profit before tax in the three months to September 30, 2015, compared to a pre-tax profit of US$740m in the same period last year.

A few days after announcing that it aimed to reduce its number of staff members by 17% by the end of 2017, the carrier’s reported a 15% decrease in its revenue from US$7bn in the third quarter of 2014 to US$6bn in the same period this year.