Maersk Line profits jump 27% in Q3 as costs fall
Danish shipping company Maersk Line saw its profits increase 27% to US$685 million in the third quarter, largely due to lower costs and an increase in traffic. 
The company said it had achieved lower unit costs through its continuous focus on operational cost savings, mainly from vessel network efficiencies.
The unit cost per forty-foot equivalent unit (FEU) decreased by 1% to US$2,597, while the average freight rate increased 0.9% to US$2,679 per FEU.
This was complemented by a 3.7% year-on-year rise in volume, which is said to be in line with the industry average.
Maersk took delivery of three 18,000 twenty-foot equivalent unit (TEU) vessels during the quarter and scrapped one ship. It now has eight Triple-E vessels totaling 144,000 TEU in capacity.
"The global market showed moderate growth of above 3% in Q3 2014 compared to Q3 2013, slightly lower than demand growth during the first half of 2014," the company said in a statement.
"Global demand is currently being led by advanced economies while imports to emerging countries are slowing down."
Photo: Maersk Line in the Panama Canal, Maersk Line
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