MAERSK Group has posted a 17.6 per cent increase in 2012 profit to US$4 billion year on year, marking a turnaround in Maersk Line which made a $461 million profit against a $553 million loss in 2011.
The gain for the Maersk Line container unit was attributed to improved volumes, rates and unit costs, said the statement accompanying the group results.
"The average freight rates were 1.9 per cent higher at $2,881 per FEU (versus $2,828 per FEU in 2011) and volumes increased by five per cent to 8.5 million FEU (versus 8.1 million FEU). Bunker consumption per FEU was reduced by 11 per cent and headquarters headcount was reduced significantly," said the company statement.
Maersk Line said its total fleet capacity rose four per cent in 2012 to 2.6 million TEU (versus 2.5 million TEU in 2011), and maintained its market share for the full year. Its cash flow from operating activities increased to $1.8 billion in 2012 from $899 million the previous year. Cash flow used for capital expenditure also rose to $3.6 billion from $3.2 billion in 2011.
"We are satisfied with our result for the year. After a difficult start, Maersk Line improved its performance and the Group achieved a result above last year's, both in terms of net result and in underlying performance," said Group CEO Nils Andersen.
APM Terminals also improved its profit to $723 million from $648 million in 2011. "The result was positively affected by pre-tax divestment gains of $123 million (versus $28 million in 2011). Number of containers handled increased six per cent to 35.4 million TEU (versus 33.5 million TEU), ahead of the market growth of four per cent," said the company statement.
Mr Andersen said: "We continued our push towards building our four strategic core businesses with investments and improved results in terminals, a high level of oil exploration in Maersk Oil, securing long term contracts for five of our seven new drilling rigs and significantly improved earnings in Maersk Line.
"The Group's presence in growth markets was further expanded through the introduction of SAMMAX and WAFMAX vessels targeted at West Africa and South America trades as well as new terminal investments in Russia and Latin America."
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