Maersk swings back to profit and raises forecast

Moller-Maersk, the world's largest container shipping company, has returned to profit in the first half of the year.

The group reported a net profit of 14.15bn Danish kronor (£1.57bn), while revenues grew by 20 per cent.

In the same period a year ago it had reported a loss of 3.02bn kronor.

Meanwhile, DP World, the container port business owned by the investment group Dubai World, also saw profits rise 10 per cent.

DP World reported a first half net profit of $206m (£133m), up from $188m in the first six months of 2009.

Maersk said that the increase in revenue was "primarily as a result of higher freight rates and volumes for the group's container shipping activities as well as higher oil prices".

Maersk's oil and gas activities benefited from increased oil prices, with the average crude oil price 48% higher than in the first half of 2009.

The group also raised its outlook for the full-year.