Maersk Line hit by US$151m loss
Weak freight rates hurt Maersk Line badly in the second quarter of 2016, with the world’s largest carrier stumbling to a US$151m loss, in a market plagued by overcapacity.
Average freight rates fell by 24% in the quarter to US$858/teu, causing revenue to plunge 19% to US$5.1bn.
A company report noted that rates declined on all trades with North America and West Central Asia down the most, although “African, Oceanic and European trades were also notably lower”.
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