UPDATE 4-Maersk sees $1 bln FY loss on poor freight rates

Thu Nov 12, 2009 11:20am GMT
 
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* Jan-Sept net loss 3.86 bln DKK, below 3.33 bln loss fcast

* Maersk says expects full-year loss of about $1 bln

* Sees Q4 freight rates higher than Q3, volumes lower

* Maersk B shares down 4.3 pct, underperforming sector

(Adds details, quotes, updates share price)

By John Acher and Karin Jensen

COPENHAGEN, Nov 12 (Reuters) - Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO) reported a deeper-than-forecast net loss for the first nine months of the year, hit by a global slump in freight, and said it would lose $1 billion in 2009.

The full-year 2009 outlook, unchanged from three months ago, points Maersk -- the world's biggest container shipping line -- towards its first year loss on record as container freight rates and volumes have plunged in the global downturn.

"The main problem is still rates," Chief Executive Nils Smedegaard Andersen said in a conference call, noting that third-quarter container rates were down 32 percent from a year earlier while volumes were only 3 percent lower in the quarter.  Continued...

 

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