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AP Moller-Maersk makes annual loss of $1 billion

AP Moller–Maersk, the Danish conglomerate controlled by the McKinney-Moller family, reported a net loss for 2009 of $1 billion, its first since at least the Second World War.

In its annual report released today, the company recorded revenues of $48.5 billion compared to $61.2 billion in 2008. The report said the company had been seriously affected by economic crisis, the decline in world trade and global oil consumption and the difficult market conditions in general.

Container shipping, which accounts for more then 40% of the group's revenues, was hit particularly badly by the economic crisis. Moller-Maersk lost $2.1 billion over the year in container shipping and related activates, "which was not satisfactory," read the statement.

Looking forward, the group expects to post a "modest profit" in 2010 but admits "the outlook for 2010 is subject to considerable uncertainty." 

Maersk McKinney-Moller, 96, is the son of AP Moller-Maersk's founder and still controls a substantial portion of the company's shares. He was named as one of CampdenFB's Top 10 successful seniors. (Click here to read the story)

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