Maersk "pleased" with 2013 despite decreased revenues
The Danish Maersk Group achieved underlying earnings of USD 4 billion in 2013, USD 1 billion higher than in 2012. The result, however, was USD 261 million lower than in 2012, when profit was positively affected by a one-off income of USD 899 million from Maersk Oil's settlement of an Algerian tax dispute.
The group's 2013 revenue decreased by 4% to USD 47.4 billion, primarily because of poorer container freight rates and a lower share of oil production.
According to CEO, Nils S. Andersen, his group is "pleased" with this result, as Maersk Line strengthened its profitability despite a challenging shipping market, and both APM Terminals and Maersk Drilling had their best result to date. The line made a profit of USD 1.5 billion in 2013 (2012: USD 461 million). Average freight rates decreased by 7.2% to USD 2,674/feu and volumes increased by 4.1% to 8.8 million feu.