Maersk profit rises

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14 March 2008

A.P. Moller-Maersk improved profits in 2007. Now it’s time to improve workers’ conditions, says the ITF Maersk Union Network.

On March 13th AP Moller-Maersk announced a 15% rise in net profits for 2007.

The result is better than expected for the world’s leading shipping company. Net profit rose to US$3.91 billion, and turnover to $51.2 billion.

The company expects a 2008 profit of nearly 4 billion dollars, according to the annual report.

Network: ‘Time to honour workers’
Last year Maersk top management granted itself an average wage increase of averagely 13.1%.

Now it’s time to reward workers, the Maersk Union Network says.

“These results show that the employees of Maersk are doing a terrific job. This gives the company a chance to improve wages and working conditions – not only at top level, but among all employees. A company the size of Maersk should see workers not only as expenses, but as assets as well,” commented Henrik Berlau, Network Coordinator of the ITF Maersk Union Network.

The heart of the group, the troubled Maersk Line, proved profitable in 2007, with a profit of $247 million dollars. But CEO Nils Smedegaard Andersen is still not satisfied with Maersk Line’s result:

“We are experiencing growth, also in the container business. But of course it has to be better, and there is no doubt that we must increase the profit. This will be made possible through our StreamLine programme,” Nils Smedegaard Andersen said, according to Danish newspaper, Jyllands-Posten.

As a result of the StreamLine programme, Maersk is reportedly planning to cut between 2,000 and 3,000 jobs.

Selling ‘non-strategic’ assets
The third largest terminal operator in the world, APM Terminals, reported profits of $111 million for 2007.

Maersk management wrote in the annual report that the company is considering the sale of “non-strategic assets.” But the company does not want to reveal which subsidiaries are to be be sold off.

However, Nils Smedegaard Andersen told Danish news agency RB-Børsen that Maersk is not selling its shares in Danske Bank or in the retail chain Dansk Supermarked.

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