Slow growth for Maersk, but increase in hiring on the way

Shipping giant’s annual report reveals a decrease in pre-tax profits, but large container purchases and staff increases are expected this year

February 22nd, 2013 12:21 pm| by admin

Shipping and gas giant AP Moller-Maersk released its annual report today and revealed a pre-tax profit of 42.5 billion kroner for 2012, which represents a 16 percent decrease over the previous year. Overall revenue, however, came in at 23.4 billion kroner, a 29 percent increase over 2011.

Nils Andersen, the CEO of Maersk Group, expressed satisfaction with the results, highlighting the performance of its shipping business.

"After a difficult start, Maersk Line improved its performance and the group achieved a result above last year’s, both in terms of net result and in underlying performance," Andersen said in a press statement. 

According the company, higher freight rates and cost cutting measures were the primary reasons for the improvement. 

In a press conference following the annual report's release, Andersen told reporters that Maersk expected to acquire four new Triple E mega-ships, the largest in the shipping branch, in 2013.

The company also said it would hire thousands of new employees this year. Maersk Drilling, one of the company's subsidaries, expects to hire 1,300 people this year as part of a plan to add 3,000 new workers by 2018.

Maersk's 2012 profits totaled 342 billion kroner, a 19 billion kroner improvement on 2011. 

The company expects to see a lower profit in 2013 due to lower production levels from Maersk Oil and diminished world trade. 

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