Maersk says lower oil prices compensate for weak freight rates
By: Reuters | May 13 2015 at 02:53 AM | Liner Shipping
COPENHAGEN - Danish shipping and oil group A.P. Moller-Maersk said lower oil prices that translated into low fuel costs for its vessels more than compensated for a drop in container freight spot rates.
“In the first quarter the falling freight rates were more than compensated by lower costs in bunker fuel as a result of lower oil price,” Chief Executive Nils Smedegaard Andersen told journalists on a conference call.
He added the group’s container shipping business Maersk Line - a global leader - lost market share in the quarter but that he was not concerned by that.