Maersk Expects to Ride Rising Tides This Year Despite Cyber-Attack Losses

AP Moller Maersk expects $200-300m hit to full year earnings from cyber-attack

Shares of A.P. Moller-Maersk A/S (AMKAF.PK, AMKBF.PK) were gaining around 4 percent in the morning trading in Denmark after the shipping and oil company maintained its forecast for higher profit in fiscal 2017, despite the expected negative impact from the June cyber-attack of up to $300 million.

Maersk Line contributed an underlying profit of $327m as a result of continued recovery in the container market and focus on restoration of profitability.

The group said the announced acquisition of Hamburg Süd was progressing as planned.

The Danish firm said the majority of the impact from the cyber attack will be felt in the third quarter, because of lost revenues in July, when its entire IT system was hit by malware.

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Mærsk A/S (Maersk) today in its interim financial results for the 2017 Q2 period, reported that Maersk Line, despite contending with higher bunker prices, achieved a net profit of $339 million during the period, a $490 million year-on-year increase. "We expect that the cyber-attack will impact results negatively by Dollars 200-300m". The businesses "were significantly affected", but there was "no data breach or data loss". The positive impact of those new agreements are expected to reflect in the second half of the year, Skou said. He said the global orderbook is 13 percent of the existing fleet, so the so-called "runoff" of that orderbook is "very fast".

In Q2, the revenue of A. P. Moller - Maersk grew by 8.4% to United States dollars 9.6bn year on year, mainly due to higher freight rates in Maersk Line.

Mr. Skou expects more consolidation in container shipping as smaller operators won't be able to compete with bigger players that have grouped into three main alliances to cut costs by sharing ships and port calls. "The profit was $490 million higher than the same quarter a year ago, based on higher rates". The plan involves moving ore ships in and out of APM Terminals and moving more cargo inland through DAMCO, its supply-management division handling air freight, trucks and warehouses around the world.

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