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.

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