A.P. Moller-Maersk has stuck to its forecast for a lower profit in 2013, as weak economies in developed markets continue to curb container shipping rates, The Wall Street Journal reports.
Last year was marked by low growth in developed markets, while shipping markets continued to face “great challenges,” said Michael Pram Rasmussen, Maersk’s chairman, to shareholders at the company’s annual meeting in Denmark. Maersk, A.P. Moller-Maersk’s container shipping line, reported a net income of $461 million in 2012.
Rasmussen said the company would focus on its shipping terminals business in emerging markets and develop its oil and gas activities to sustain earnings growth. At the start of 2013, Maersk’s cash reserves stood at $13.6 billion. Rasmussen added that container shipping volume was expected to grow 4 to 5 percent this year.