AP Moller-Maersk has reported a 78% drop in profit during the third quarter of 2011 to $371m, compared with $1.6bn reported during the corresponding period in 2010, as a result of declining freight rates.

The Danish shipping major reported a 9% increase in revenue to $15.3bn during the period, compared with the $14bn reported during Q3 last year.

The group transported 2.1 million FFE containers during the quarter, reporting a 16% rise compared with Q3 2010 that could not offset the drop in freight rates, resulting in a loss, the company said.

Moller-Maersk’s profit during first nine months dropped 26% to $3.1bn, compared with $4.1bn it reported during the same period of the previous year.

Revenue during the period rose by 9% to $45.3bn, compared with $41.4bn, which was primarily due to higher oil prices and container volumes.

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By GlobalData