Maersk Q3 net profit below expectations at US$438 million

[COPENHAGEN] AP Moller-Maersk missed forecasts with a 44 per cent fall in third-quarter profit on Wednesday as the world's biggest container shipping firm struggles with sector overcapacity.

Net profit fell to US$438 million for the three months to September 30, below the US$490 million expected by analysts polled by Reuters.

It maintained its guidance for the year, calling for an underlying result significantly below last year's US$1.3 billion.

In September Maersk said it would concentrate on the further development of its shipping business and split off its Maersk Oil and related businesses such as Maersk Drilling and Maersk Tankers.

Maersk is fighting to remain the world's leading container shipping carrier amid a wave of mergers and acquisitions.

Rival Hanjin Shipping Co Ltd of South Korea was forced into receivership in August.

REUTERS