Originally published at www.seclive.com
A.P. Moeller-Maersk A/S (OTCPK:AMKBY) reported second quarter profits that nearly doubled from $227M a year ago, earning $439M this quarter. Lower fuel prices helped offset a drop in freight rates, which, according the Shanghai Containerized Freight Index, was 22% lower this year compared to the same period last year. Maersk has been exploring cost-savings initiatives that include trimming the size of its fleet and slowing its vessels to more economical speeds to save money. Despite the 22% decrease in the freight index, Maersk continues to capitalize on its most profitable and important route from the world's busiest port at Shanghai to Europe. Maersk lowered its forecasted growth estimates from previously predicted 2% to 4%, to now between 2% and 3%.