Maersk one of four biggest losers in the Nasdaq OMX Copenhagen 20
The U.S. faces the first government shutdown in 17 years as the Senate tries to agree on a bill on debt limits. At the same time, China’s manufacturing rose less than economists estimated in September, renewing speculation the world’s second-largest economy may be slowing down. Maersk, which transports about 15 percent of the world’s seaborne trade, is already suffering from overcapacity as demand can’t keep up with the pace of new ships entering the market.
“We’re seeing the Maersk shares reacting sensitively to world macro news these days,” Jacob Pedersen, a shipping analyst at Aabenraa, Denmark-based Sydbank A/S, said by phone.
Maersk shares have lost 1.7 percent since the Copenhagen-based company on Sept. 26 held a capital markets day. Maersk said then it will tolerate a lower return in its container line as long as the market remains weak and indicated the drilling division would be less profitable next year due to mandatory ship yard inspections of the rigs.
“There was some negative news out of the capital markets day but nothing that as such changed my fundamental view on Maersk,” Pedersen said. “The market is more concerned about the global growth issues at the moment.”
Source: businessweek.com
