Maersk to break even 2010, on 5pc volume hike, says CEO Kolding

DANISH shipping giant Maersk expects to break even this year following substantial losses of US$2.09 billion in 2009 and is predicting an increase in container shipping demand of five per cent in 2010, upwardly revising its earlier forecast of a 3-4 per cent rise.
Maersk Line CEO Eivind Kolding said container rates have increased since December and are driving its return to form, but western Europe consumption is still lagging, a "fundamental driver" for the container business despite this stock rebuilding of 10-20 per cent.
"We still feel there`s a good balance between supply and demand, but we also know that part of it is because of inventory replenishment," he said in an interview with Bloomberg News.