GCTL8.com (FocusAsia Media Ltd)
COPENHAGEN, Nov 3 (FAM) – Maersk Line hasa reported a quarterly loss of US$116 million despite an 11% increase in volumes compared with the third quarter of 2015, with revenues down 11% because of a 16% decline in average freight rates.
The third-quarter loss compares with a profit of US$264 million in the same period last year, the result of “challenging market conditions”. Revenue of US$5.4bn was 11% lower than Q3 2015. The development was driven by a 16% decline in average freight rates to US$1,811/FFE, compared with $2,163/FFE in the three months to 30 September 2015. The decline in average freight rates was partially offset by an 11% increase in volumes to 2.698 million FFE, Maersk said.