A.P. Moller-Maersk's (AMKBY) CEO Nils Andersen on Q1 2016 Results - Earnings Call Transcript

May 04, 2016 11:18 AM ETA.P. Møller - Mærsk A/S (AMKBY)
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A.P. Moller-Maersk A/S (OTCPK:AMKBY) Q1 2016 Earnings Conference Call May 4, 2016 3:30 AM ET


Nils Andersen - Chief Executive Officer

Trond Westlie - Chief Financial Officer


Dan Jensen - Svenska Handelsbanken

Christopher Combé - JPMorgan Securities

Lars Heindorff - SEB Enskilda

Neil Glynn - Credit Suisse Securities

Jørgen Bruaset - Nordea Bank

Mark McVicar - Barclays Capital Securities Ltd.

Johan Eliason - Kepler Cheuvreux

Marcus Bellander - Carnegie Bank

Angus Tweedie - Bank of America Merrill Lynch

Thijs Berkelder - ABN AMRO Bank

Nils Andersen

So, good morning, everybody, and it's now 9:30 AM. Thank you for joining the A.P. Møller-Mærsk Conference on Q1. It's, of course, a very small quarter, so we appreciate that you take the time to listen into this.

So, if we go straight to the forward-looking statements on page two, and then while you read that, I'll just give a little bit of flavor to the accounts as we see them. I mean, we appreciate, of course, that the markets are in a very bad situation. We've gone through Q1 where oil prices - I can't say that they bottomed out, but at least they were lower than even today, down around $30 a barrel during most of the quarter. So, that was tough. And the shipping rates were record low in Q1. They, by the way, are still very low. So, we've gone through a difficult quarter from a market perspective. Nevertheless, we improved the results versus Q4 last year, coming out with a small profit, and we are pleased with that.

Most of our businesses are still making money, the two that are not is Maersk Supply Service due to the very poor ordering situation in the sector. And Maersk Oil due to the very low oil prices, but I'll come back to

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