Friday 28th Oct 2016 - Logistics Manager

Cost control helps Maersk boost profits

Maersk Line showed an increase in profit from $498m to $554m for the third quarter as a result of its cost reduction efforts.

It said improved fleet utilisation resulted in 13 per cent lower unit costs. Freight rates were 12.2 per cent lower.

Maersk the fourth quarter had started with low freight rates and it expected result for the quarter to be significantly lower than for the third quarter.

The AP Moller – Maersk group expects its full year profit to be around $3.5bn – up from its previous forecast of £3.3bn, though lower than last year’s result of $4bn.