A.P. MOLLER TO REPORT SHIPPING PROFITS BEFORE SPECIAL ITEMS FOR 2002

A.P. MOLLER TO REPORT SHIPPING PROFITS BEFORE SPECIAL ITEMS FOR 2002

   A.P. Moller said that it expects to report a profit before special items and tax of about DKK500 million ($70 million) from its shipping activities, rather than a loss of DKK1 billion ($140 million) predicted last August.

   The figure represents the expected combined result of three group subsidiaries engaged in shipping — D/S Svendborg, D/S 1912 and Tankers and Liners in Partnership — excluding shares in associated companies.

   A.P. Moller owns Maersk Sealand, Maersk Tankers, Safmarine and other companies.

   Following the announcement, the D/S Svendborg B shares went up 6 percent on Monday on the Copenhagen stock exchange, while the D/S 1912 A stock increased by 5 percent.

   The Danish group, which reported a loss on its container shipping business for the first half of 2002, did not comment specifically on the expected full-year result of Maersk Sealand.

   A.P. Moller will publish the 2002 financial results of its D/S Svendborg, D/S 1912 and Tankers and Liners in Partnership units on March 27.