Maersk Broker hit by the financial crisis

Newbuilding contracts and charter parties signed at towering prices ahead of the financial crisis had a strong impact on Maersk Broker's results for 2013, as contracts either had to be renegotiated or canceled, CEO Anders Hald tells ShippingWatch.

Photo: Maersk Broker

Residual effects in the aftermath of newbuilding contracts and charter parties entered at towering prices in the years ahead of the financial crisis in 2008 and which have had to be continuously renegotiated, took a big toll on Maersk Broker in 2013. According to CEO Anders Hald, this is the primary reason that the company's profit as well as revenue took a steep dive in 2013 following several years of significant profits.

Until 2013 Maersk Broker seems to have been able to navigate somewhat untouched through the international financial and shipping crisis, achieving profits well above USD 18 million, with around USD 29.13 million back in 2009 to USD 24.50 million in 2010 and USD 24.09 million in 2011.

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