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AP Moller Maersk reports dire first quarter results

Improved results from Maersk Tankers, Damico and Maersk Drilling fail to overcome huge losses elsewhere

AP Moller Maersk has reported an underlying profit of $214m for the first quarter of the year. This is a huge drop from the $1.3bn reported after the first quarter 2015 and underscores how low freight rates, low oil prices, and an imperfect supply-demand balance continue to hit the Copenhagen-listed conglomerate.

In a statement to the Copenhagen exchange the group said it continues adjust its cost base and to defend its leading market position.

Read the full article on Lloydslist.

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