On Wednesday, the Maersk Group announced a profit of $214 million. The bottom line number reflects low oil prices and container rates, but the relatively strong result demonstrates that the firm is “competitive as ever,” said CEO Nils Andersen.
The majority of its subsidiary units returned a positive underlying result. Maersk said that core businesses Maersk Line and Maersk Oil had improved performance through cost reductions, and overall, “operating expenses decreased by $1 billion, mainly due to lower bunker prices and cost saving initiatives. … Maersk Oil’s cost reduction measures have included 1,300 position eliminations and a salary freeze, outsourcing of administrative
functions, and the unit’s complete exit from the Brazilian oil market, the firm said.
Maersk Line turned a small underlying profit of $32 million, beating expectations.