COPENHAGEN, Denmark (AP) — Danish container shipping and oil group A.P. Moller-Maersk A/S said Wednesday it returned to a profit last year, citing a recovery in world trade flows and higher oil prices.
The company posted a net profit of 26.5 billion kroner ($4.84 billion) in 2010, compared with a loss of 7.0 billion kroner in the previous year, when the shipping industry suffered from the severe economic downturn.
Higher freight rates and volumes in its container activities helped boost Maersk's revenue to 315.4 billion kroner from 260 billion kroner in 2009. The company does not release a quarterly breakdown of its results.
"There has been a turnaround in the container …
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