Maersk Line’s average freight rate decreased by 16% year-on-year, but was up 5.5% compared to previous quarter.
- The Q3 2016 loss of USD 116 million is USD 380 million lower than Q3 2015 (USD 264 million)
- Revenue was USD 5,359 million – 11% lower than Q3 2015 (USD 6,018 million)
- Maersk Line’s average freight rate decreased by 16% compared to Q3 2015. But increased 5.5% compared to the last quarter, Q2 2016
- Maersk Line’s volumes grew by 11% to 2,698k FFE (2,427k FFE)
- Return on invested capital was -2.3% (5.2%) and below target
- Unit cost decreased by 13.8%
- EBIT-margin gap to peers is 8%-points for Q2 2016 – in line with +5%-points target
- Maersk Line still expects an underlying result significantly below last year (USD 1.3bn) and specifically a negative underlying result for 2016
Maersk Line reported a third quarter (Q3) 2016 result that is USD 380 million lower than Q3 2015. The overriding reason for the loss is decline in freight rates compared to Q3 2015. Revenue in Q3 was USD 5,359 million, which is 11% lower than Q3 2015 (USD 6,018 million).
Volumes were 11% higher as Maersk Line was able to win market share. Amongst others due to increased volumes following, Hanjin’s court receivership filing, increasing customer focus on financially solid carriers and increased volumes on back haul services.
Maersk Line’s capacity grew 3.8%. Maersk Line continues to manage capacity tightly resulting in high utilisation.
Read more at www.maerskline.com