Maersk Q3 profit falls on shipping sector overcapacity

Copenhagen

AP Moller-Maersk A/S, owner of the world's largest container line, reported a 43 per cent decline in third-quarter profit as the shipping industry suffers from overcapacity.

Net income fell to US$429 million for the third quarter compared with US$755 million for the same period a year earlier, the Copenhagen-based company said on Wednesday. That missed the average estimate of US$501 million in a Bloomberg survey of 15 analysts.