In response to challenging supply-demand imbalances, the Group continues to execute on factors that are within our control by reducing cost and delivering high operational performance.

The Group delivered a profit of USD 118m (USD 1.1bn) negatively impacted by the average container freight rates and oil price. The return on invested capital (ROIC) was 2.0% (10.2%).

The underlying profit for the Group of USD 134m (USD 1.1bn) was significantly lower than for the same period last year for all businesses except Damco.

“In a second quarter impacted by low growth and falling prices in nearly all our markets, the Maersk Group delivered an underlying profit of USD 134m. The result is unsatisfactory. Cost reductions and operational optimizations, however, made a significant contribution to mitigating the impact of the negative market conditions. Maersk Oil has reduced operational costs by 25 percent, upholding a break-even at USD 40-45 per barrel. The costs in Maersk Line have been reduced to an all-time low level and are under USD 2,000/FFE for the first time. Our financial position remains strong with a liquidity reserve of USD 11.5bn. The Group’s expectation for 2016 of an underlying result significantly below last year is unchanged. To ensure the future strength, profitability and development of new growth opportunities of the company, the Board of Directors have initiated a strategic review of the company and will report on progress of the review before the end of Q3, 2016,” says Maersk Group CEO Søren Skou.