• Maersk posts 30 pct. revenue hike in Q1, but cites risks

    Updated:
    COPENHAGEN, Denmark (AP) - Danish shipping group A.P. Moller-Maersk says its first-quarter revenue increased by 30 percent to $9.3 billion, but also noted increased uncertainties due to geopolitical risks, trade tensions and other factors impacting freight rates, bunker prices and rate of exchange.

    Chief Executive Soeren Skou says that the group's results in its key ocean business was "unsatisfactory" in the short term. The group posted a $239 million deficit.

    Skou added that the Copenhagen-based group was implementing a number of short-term initiatives to improve profitability in the hopes of making more this year than in 2017, when profit was $356 million.

    Thursday's earnings were the first to include the acquisition of German container shipping company Hamburg Sud.

    Maersk shares dropped nearly 9 percent to 9,244 kroner in morning trading in Copenhagen.

    Next Up:


  • Headline Goes Here

    Maersk posts 30 pct. revenue hike in Q1, but cites risks

  • Headline Goes Here

    Europe looks for deeds, not words, from Italy's populists

  • Headline Goes Here

    UN chief concerned by cancellation of US-NKorea summit

  • Headline Goes Here

    London couple convicted of murdering nanny, burning her body

  • Headline Goes Here

    License to chill: MI6 tries to shed macho James Bond image