Moller-Maersk hit by global downturn in Q2

Moller-Maersk shipping company second-quarter profits, revenue hit by poor global economy

Associated Press

COPENHAGEN, Denmark (AP) -- Denmark's shipping and oil group A.P. Moller-Maersk says a drop in freight rates and lower oil production dented its second-quarter profit.

Net profit in the period fell 13 percent to 4.9 billion kroner ($856 million) compared to a year earlier, while revenue dropped 9 percent to 81 billion kroner.

The world's largest container shipping company cautioned that 2013 is "subject to considerable uncertainty, not least due to developments in the global economy." It expects full-year net profit to be around $3.3 billion, below the 2012 result of $4 billion.

Maersk shares fell 1.4 percent in early Friday trading in Copenhagen to 44,760 kroner.

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