Maersk Shares Sink as Shipping Industry Woes Hurt Profits
- Company now sees 2016 underlying profit below $1 billion
- Freight rates declined faster than costs at Maersk Line
A shipping container is unloaded from the Maersk Hartford cargo ship at the Port of Charleston in Charleston, South Carolina.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
A.P. Moller-Maersk A/S, owner of the world’s largest container line, reported a 43 percent decline in third-quarter profit as the shipping industry continues to suffer from overcapacity.
Net income fell to $429 million last quarter compared with $755 million a year earlier, the Copenhagen-based company said on Wednesday. That missed the average estimate of $501 million in a Bloomberg survey of 15 analysts. The shares fell as much as 9 percent, the most in four months.