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SPECIAL: INDUSTRY-SPECIFIC ANALYSIS / SHIPOWNERS

BY TINA ALTENBURG

DIFFICULT TO OPERATE A SHIPPING COMPANY In 2015, the net turnover for the 20 Danish shipowners, which are included in this industryspecific analysis, increased modestly by 2.3 per cent to 328.1 billion DKK compared to 2014. At the bottom line it looked, however, much different, as the profit after tax decreased by as much as 73.6 per cent to 7.3 billion DKK compared to 2014.

T

he growth in the net turnover of 2.3 per cent hides the fact that 11 shipowners had growth in the net turnover compared to 2014. The nine other shipowners saw their net turnover decrease. Besides, A.P. Møller-Mærsk, which presents the annual accounts in USD, actually had a decreasing net turnover, but because of the development in the currency exchange rate, measured in DKK the net turnover has increased. The net turnover thus decreased from 47.6 billion USD in 2014 to 40.3 billion

danish maritime magazine

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USD in 2014. Recalculated in DKK the shipping company has had a modest growth in the net turnover from 267.3 billion DKK in 2014 to 271.1 billion DKK in 2015. The decreasing net turnover is according to the Maersk Group caused by the fact that several of the business units were impacted by an increasing imbalance between supply and demand, which within the shipping business has led to lower freight rates.

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THE POOR DRY BULK MARKET Imbalance between supply and demand and low freight rates made an impact on many shipping companies. The dry bulk market has also been influenced by the bad freight rates, and it made an impact on for example Norden’s net turnover, which decreased compared to 2014. The dry bulk market has undergone a structural change, as this sector previously was driven by the economic growth in China, which first of all was caused by the building up of the industrial production. Now,


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