Maersk CEO Sees Some Pick-Up In Oil Price By Year End
A.P. Moeller-Maersk A/S reported an 84 percent plunge in 2015 profit after its oil unit was hit by lower energy prices and its container division got squeezed between sluggish trade growth and overcapacity. Maersk said net income was $791 million last year compared with $5.02 billion in 2014. That compares with a median estimate of $3.7 billion in a Bloomberg survey of 16 analysts. The result includes a writedown in the value of Maersk’s oil assets by $2.6 billion, the Copenhagen-based company said. Chief Executive Officer Nils Smedegaard Andersen spoke to Bloomberg’s “On the Move” hosts Guy Johnson and Jonathan Ferro.