HELSINKI (AP) – AP Moller-Maersk, a Danish company with subsidiaries in oil, gas, shipping and container terminal operating sectors, said Wednesday its net profit for 2015 had fallen more than 80 per cent to $925 million (819.4 million euros) as revenue fell 15 per cent to $40.3 billion.
As anxiety over the health of the global economy caused companies and countries to trade less, Maersk said its container shipping business was expecting “significantly lower freight rates going into 2016.”
As the price of oil isn’t expected to bounce back anytime soon, Maersk said a $2.6 billion depreciation of its oil and gas assets was in the cards.
File photo dated August 18, 2013 shows the world’s biggest container vessel Mærsk Mc-Kinney Moeller arriving at the container terminal during its maiden voyage in Bremerhaven, Germany. Danish shipping and oil group AP Moller-Maersk said yesterday its full-year 2015 net profit plunged more than 80 per cent due to lower freight rates and oil prices and writedowns of oil assets – EPA
With that in mind, the company warned that its underlying results this year could be “significantly below” those of 2015.
Last year, Maersk said it would cut at least 4,000 jobs and scrapped a plan to expand its fleet of container vessels to counter a slowdown in the international shipping sector.
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