Maersk Line has reported a profit of $2.3bn for 2014 a 50% increase over the previous year, and expects a higher result in 2015.

The Danish container shipping giant said that underlying profit for 2014 was $2.2bn compared to $1.5bn in 2013. “Maersk Line improved its position and the start up of the 2M alliance has gone well,” said Maersk Group ceo Nils Andersen.

The surge in profits came despite average freight rates decreasing by 1.6% to $2,630 per feu.

“The achievement came from 5.4% lower unit costs mainly due to improved network efficiencies and lower bunker price. Efficiencies were achieved through increased volumes in line with market as well as continued vessel network optimisation and active capacity management,” Maersk said in its annual report.

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