Although 2013 revenues for the Group fell by 4 per cent to US$47.4 billion, and net profit dropped by 6 per cent to US$3.8 billion, Group CEO Nils S. Andersen reported that “We have reason to be pleased with profit development in 2013. Maersk Line strengthened its profitability despite challenging shipping markets and both APM Terminals and Maersk Drilling had their best result to date. As expected, Maersk Oil’s underlying profit was below last year due to decline in production and lower oil prices. However, production stabilised mid-year and increased towards the end of the year. Most of the Group’s other businesses also improved results and in total six out of eight businesses came out of 2013 as top quartile performers in their industry.”

Maersk Line reported a profit of US$1.5 billion, versus a profit of US$461 in 2012. Cash flow from operations increased from US$1.8 billion to US$3.7 billion. The improvement was achieved through vessel efficiencies resulting in lower unit costs, as well as lower bunker prices. Average freight rates decreased by 7.2 per cent to US$2,674/FFE, and volumes increased by 4.1 per cent to 8.8 million FFEs. Bunker consumption was reduced by 12.1 per cent. Market share was maintained at a level comparable to 2012.

Fleet capacity increased by 0.2 per cent to 2.6 million TEUs, mostly as a result of delivery of four Triple-E container vessels in 2013. An additional 16 Triple-E vessels with capacity of 288,000 TEUs are scheduled for delivery during 2014 and 2015.