AP Moller Maersk has posted its first quarterly profit since Q3 2008, citing higher oil prices, increased freight rates and higher container turnover for its change in fortunes.
The Danish shipping giant reported a net profit of DKK3.44bn ($586m) compared to a net loss of DKK2.13bn ($362.8m) in the same period a year earlier.
During the quarter ending 31 March, its revenue rose 13% to DKK71.02bn ($12.1bn) due to the improved container-shipping market, Maersk said.
Revenue from the container shipping and related activities was DKK 30.9bn ($5.2bn) against DKK26.6bn ($4.5bn) in Q1 2009.
The company earned DKK 1.2bn ($204m) from the container shipping segment, compared to a loss of DKK2.6bn ($443m) last year, it said.
Gains on ships, rigs and related activities in the quarter were DKK287m ($48.8m), an increase on its DKK45m ($7.6m) in Q1 2009.