atans1

Maersk sails to profit while NOL loses another mast

In Shipping on 16/08/2012 at 5:48 pm

(Or “Scholar, & ex SAF chief & Temasek MD runs Temasek aground”)

No need to try to do detailed study of Maersk line’s results vis-a-vis NOL.

Maersk Line, operator of the world’s largest container ship fleet, steamed to a profit of US$227m after losses of US$95m a year earlier and US$599m in the previous quarter. NOL “on underlying earnings” made US$7m. Actually “Net loss for the three months ended June 29, 2012, stood at US$118 million, which widened from a net loss of US$57 million for the same period a year ago. This result – which marks the sixth straight quarter of losses – missed market expectations of a net loss of US$67.6 million, a Bloomberg poll of six analysts showed: by 76%,” earlier post .

And Maersk Line is expecting to be profitable this financial year, while NOL says “outlook is uncertain”. And our guy’s a scholar, general, ex SAF chief and ex Temasek MD. Interestingly Maersk turned around despite the problems in Europe. For historical reasons, most of its revenue comes from ships sailing to Europe, unlike NOL which depends on revenue from ships sailing to the US, which is in better shape than NOL.

Sure hope this CEO is not from RI.

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