Maersk Cuts Profit Outlook Due Weak Shipping Market

A.P. Moller-Maersk said on Friday it downgraded its profit outlook for 2015 by $0.6 billion to an underlying result of around $3.4 billion.

The Copenhagen-based shipping and oil conglomerate said market conditions world-wide have been weaker than the group expected.

"Particularly the container shipping market deteriorated beyond the group's expectations especially in the  latter part of third quarter and October," it said.

 

(Reporting by Ole Mikkelsen)