Danish shipping and oil giant Moller-Maersk on Thursday posted a net loss of 1 billion dollars for full-year 2009, citing "historically low rates" for container shipping and lower oil prices, according to dpa. The net profit for 2008 was 3.5 billion dollars, the company said. The conglomerate reported a 21 per cent drop in turnover to 48 billion dollars for 2009. The group that operates Maersk Line, the world's biggest container shipper, said ship transports fell 1 per cent during the year while average freight rates were 28 per cent lower than in 2008. "The market for container shipping was severely affected by the global economic crisis in 2009 and contracted by around 13 per cent" the group said. The group's total fleet counted 531 container vessels, of which 278 were chartered. During the year 19 vessels were taken out of service, equalling 4 per cent of the fleet. The group's share price dropped some 6 per cent in early trading on the news but rallied and was off 4 per cent. Chief executive Nils S Andersen said in a statement that cost-cutting measures would continue and the group expects to "return to modest profits in 2010." Concerning its outlook, the group said it expected freight rates and cargo volumes to rise in 2010, but cited uncertainty over the global economic recovery as well as the exchange rate for the US dollar and oil prices. AP Moller-Maersk Group operations include sea transport, offshore oil and gas activities and retail and shipyard operations. The group had some 115,000 employees in 2009, compared to 119,000 in 2008. Year-on-year the average oil price was 36 per cent lower while the group' oil and gas production was the same as in 2008. The group has production in Qatar, the Danish section of the North Sea, Britain, Algeria and Kazakhstan.
