A.P. Moller-Maersk shares sink as cyber-attack and freight rates weigh on guidance


The company is focusing on transportation (Source: Getty)

Container shipping company A.P. Moller-Maersk's shares have sunk more than six per cent today after a cyber-attack weighed on forecasts.

The Danish firm has previously said that a cyber-attack in June was likely to inflict a $300m (£230m) hit on its finances.

Today the conglomerate was cagey on how much underlying profit it expects to make this year, having previously guided a level of more than $700m.

Shares tanked following the report, dropping almost six per cent to 11,360 Danish Kroner.

The company reported that it had increased annual underlying profit in the third quarter, and upped revenue to $8bn from $7.1bn.

But pre-tax losses dropped to $76.8m compared to a profit of $6m the year before.

The company sold off its oil unit for $7.45bn earlier this year in order to focus on transport and logistics.

But its freight rates declined 1.1 per cent on a quarterly basis, performing worse than the company had expected.

Analysts at UBS said that the update was worse than the market had been expecting, arguing that investors had been looking for evidence of profitability. 

"There are many risks associated with investing in A.P.Moller-Maersk," analysts concluded.

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