AP Moller-Maersk has reported a net Q3 loss of kr3.86bn ($706m), due to a drop in global shipments of goods brought on by the economic crisis.

The Danish container shipping and oil group reported a profit of kr17.7bn in the same period 2008.

According to the company, revenue for the nine-month period slipped 25% to kr193bn ($35.30bn) from kr231bn a year earlier.

AP Moller-Maersk Group CEO Nils Smedegaard Andersen said the group has been negatively affected by challenging market conditions.

“With sales of treasury shares and issuance of bonds we have taken steps to strengthen the AP Moller-Maersk group’s robust financial basis and long-term funding position,” Andersen said

In September, the shipper sold 250,340 treasury shares, corresponding to approximately 5.7% of the group’s total share capital.

The company did not release a quarter-by-quarter breakdown of its results.