STOCKS NEWS EUROPE-Maersk sinks after unchanged outlook

A.P. Moeller-Maersk (MAERSKb.CO), operator of the world's top container shipping line, falls 3.7 percent after the Denmark-based conglomerate leaves its full-year outlok unchanged, having reported quarterly earnings below market consensus.

"There was a lot of speculation as to whether the interim report would contain an upgrade of the 2009 forecast. That did not materialise," says Jyske Bank, which also notes that group third-quarter revenue was below expectations.

Nordea says: "The bottom line is a slight disappointment."

Maersk Chief Executive Mils Smedgaard Andersen says he expects container and tanker freight rates to remain under pressure also in 2010. Not even the most efficient container shippers can make money at current rates, he says.

"We expect overcapacity in the container shipping industry to last for at least 2-3 years, if not more, which we would expect to result in structurally insufficient container freight rates to cover capital costs," says ING Senior Analyst Axel Funhoff, who rates the Maersk shares "sell".

"Altogether we see weaker seasonality ahead for A.P. Moeller-Maersk," he says. For more double click on [ID:nLB221630] [ID:nDKT004732]

Reuters Messaging rm://peter.starck.reuters.com@reuters.net