Denmark's A.P. Moller Maersk has given an upbeat outlook for container shipping, lifting its shares as investors looked beyond one-off second-quarter charges. It's also planning to take on the banks with a new finance venture. Laura Frykberg reports.
A brighter outlook for shipping company, Maersk. Its CEO saying the industry is showing signs of recovery.. With a pick up in freight rates of 22 percent in Q2, plus an ease in overcapacity. Maersk also announcing a change in direction for its business. Combining financing, with its operations. (SOUNDBITE) (English) GLOBAL FINANCIAL ECONOMIST, COMMERZBANK, PETER DIXON, SAYING: "Companies don't have to post collateral in a sense that the collapse was already on board the ships. And it perhaps will be an interesting way for Maersk to ensure that it can increase market share at a time when the global shipping industry is under significant pressure." But the numbers still cast a shadow over the Danish firm. The world's largest shipping company reported a net loss of $264 million in the second quarter. And also expects to lose several hundred billion in the third... Maersk is still forecasting increased demand this year though by 4 percent. Shares in the company - just as mixed as its latest news. Initially falling 3.5 percent - then rising by 1 a few hours later.