COPENHAGEN: A.P. Moller-Maersk, the world’s biggest shipping firm, said the container business on which it is staking its future made a loss in the last three months as freight rates declined further.
Shares in the Danish company fell 9 percent after third quarter profit fell 44 percent and came in below forecasts. Low oil prices have depressed returns from the energy business which is the other main arm of the company.
The results underline the problems facing the family-controlled group which said in September it would focus its attention on building up its transport and logistics business, while creating a separate energy division.
The company stuck to its forecast for annual profit to be significantly below last year’s $3.1 billion.
“This is far from a satisfactory result for us,” said Soren Skou, who was appointed CEO of the group in June and still heads the container business.
“We grew more than the market and gained some market share in the third quarter,” said Skou, adding that Maersk managed to increase market share following the collapse of South Korea’s Hanjin Shipping.
However, Maersk said average freight rates fell 16 percent in the quarter to $1,811 per 40-foot container as overcapacity hurts shipping companies.
A net loss of $116 million for its container unit, against analysts’ expectations of a $174 million profit, shows the pressures as it seeks to remain the world’s leading container shipping carrier amid a wave of mergers and acquisitions.
Recent deals have involved China’s COSCO, France’s CMA CGM and Germany’s Hapag-Lloyd.
Japan’s top three shipping firms Kawasaki Kisen, Mitsui O.S.K. Lines and Nippon Yusen said on Monday they planned to combine their container shipping operations in a joint venture that will have $19 billion in combined revenues and control 7 percent of global container capacity.
Maersk has a market share of around 15 percent but has been unable to secure better prices for shipping goods.
“Everyone expected that rising spot freight rates after the Hanjin bankruptcy would start flowing into Maersk results quickly,” said Rahul Kapoor, analyst at Drewry in Singapore.
“But even as spot rates moved up, it didn’t show in the contract prices,” he said.
Net profit fell to $438 million for the three months to Sept. 30, below the $490 million expected by analysts in a Reuters poll.
Maersk, with a fleet of more than 600 ships, intends to develop its transport and logistics operations despite their problems, while creating a separate energy division combining Maersk Oil and three related companies.
The latter will be split from the main company individually or in combination “in the form of joint-ventures, mergers or listing,” within two years, the company said in September.
Maersk container business sinks to quarterly loss
Maersk container business sinks to quarterly loss
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
