Denmark-based global shipping giant A.P. Moller-M?rsk Group on February 27 announced that its 2011 profits fell to US$3.4 billion, from $5 billion 2010, largely because of “low container freight rates on especially the Asia-Europe trades” as well as soaring costs for ship bunker fuel. “We delivered an acceptable result for 2011 considering how the shipping rates developed during the year,” said Group chief financial officer Trond Westlie.
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