Mærsk Line has published its financial results for the third quarter of 2014. It reported revenue of $12.17bn, an increase of 0.73% over Q3 of 2013. The company also recorded EBITDA of $3.20bn, which represented a year-on-year increase of 2.76%. Accordingly Maersk’s margin stood at 26.29%.
Nils Andersen, Maersk’s Chief Executive Officer said, “We are very satisfied with the result for the third quarter of 2014 where we achieved an underlying profit of $1.3bn, driven by operational improvements in Maersk Line, Maersk Oil and APM Terminals. Looking at the first nine months, the group’s underlying result has improved by $729m, or 25%, compared to same period last year. We are well positioned to take advantage of opportunities materialising in a volatile macroeconomic environment, and despite some caution in relation to the market outlook for the coming quarters, we maintain our outlook for the group result to be around $4.5bn for the year.”
The revenue increase was largely the result of higher container volumes and freight rates as well as higher oil entitlement production, partly offset by a lower average oil price.
The improvement in EBITDA was achieved through lower costs and supported by higher volumes, which pushed further past the break even rate which had itself been lowered by an increase in the average freight rate. The profit result for Q3 was also positively impacted by $215m after tax gains from the divestment of APM Terminals Virginia, Portsmouth, US, and Maersk Drilling divesting the activities in Venezuela with a gain of $73m after tax. These gains were partially offset by impairments in APM Terminals of $74m.
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