A.P. Moeller Expects Good 2001 Results

A.P.Moeller, Denmark`s biggest private enterprise and owner of container line Maersk Sealand, expects higher 2001 earnings from its shipping activities as well as its oil and gas operations in the Danish part of the North Sea. "Reduced growth in the U.S. economy affects developments in container markets negatively. The result for the container activities, however, is expected to be higher than that of 2000, which was affected by the Sea-Land implementation," A.P. Moeller said in its financial statement. The group expects production of oil and gas in the North Sea to be approximately the same as in 2000. "But the result is expected to be better, partly due to lower depreciation costs," it said. The company reported 2000 shipping pre-tax profit of 4.37 billion crowns ($519 million) with oil and gas pre-tax profits at 4.27 billion crowns. The 2001 result for associated and other companies in the group was seen at the same level as in 2000, A.P. Moeller said. - (Reuters)