Maersk posts best profit ever

As the world economy slowly gathers momentum and business and trade picks up, the Danish container service firm AP Moller Maersk seems to have put the worst behind them.

Net profit for the year was reported at 28.2 billion Danish Kroner ($5.18 billion, £3.19 billion) by Maersk for 2010, the highest ever full year profit against a net loss of 5.49 Danish Kroner reported in 2009. “Our people have done a truly great job”, said Group CEO Nils Andersen.

The world shipping business was badly hit in 2009 as the economic crisis had hit global trade and business.

Maersk however warned that its 2011 profits might be lower due to high oil prices and uncertain freight rates.

Maersk is trying to tap the growing business between Asia and Europe and has recently ordered for 10 container ships from Daewoo Shipbuilding for $1.9 billion, with the option of acquiring more if needed.

Chief executive Eivind Kolding told Reuters that the new triple E class carriers measuring 400 meters long, 73 meters tall and 59 meters wide will be “the largest vessel of any type known to be in operation”. The new carriers will be able to carry 18,000 standard 20 foot containers.

“Looking ahead, we see strong potential in growth markets, where the number of middle-income consumers is booming”, said Mr. Andersen.

“In 2011, we will focus the main part of our attention and investments in these markets, where we already have a strong presence”, added the CEO of the world’s biggest container shipping company.