Maersk lowers 2008 outlook

Global - The global financial turmoil is hitting container shippers hard, with Maersk lowering its 2008 outlook.

Maersk said its nine-month revenue rose 28% thanks mainly to significantly higher average oil prices and a higher share of oil production. Net profit for the period rose to US$3.6 billion, compared to US$2.6 billion in the same period a year ago.

The group said it had been hit by a lower result from Denmark's largest bank, Danske Bank, where Maersk is a major shareholder. The bank last month reported a 70% drop in third quarter net profit, hurt by the credit crunch and expected a continued slowdown for the remainder of the year.

The company reduced its outlook for the remainder of the year from between US$4 billion - US$4.6 billion to US$4 billion - US$4.3 billion.