A.P. MOLLER EXPRESSES MORE OPTIMISM ABOUT 2003 PROFITS

A.P. MOLLER EXPRESSES MORE OPTIMISM ABOUT 2003 PROFITS

   A.P. Moller told the shareholders of its two stockmarket-listed arms that it expects profits for 2003 to match those earned in 2002.

   At the annual general meeting of the group, held on Friday (April 25), M'rsk Mc-Kinney M'ller, senior partner and chairman of A.P. Moller said that, so far this year, the group experienced “good volumes” for its container services, “albeit still at low, but increasing freight rates.” Tanker rates and oil prices “have been high, but have decreased somewhat lately,” he added.

   A.P. Moller is the parent company of Maersk Sealand, Safmarine, Maersk Tankers and other companies.

   “Uncertainties are significant, but the development has caused us to estimate, where we previously only hoped, that the result before net effect of special items will be at the same level as for 2002,” Mc-Kinney M'ller said. The group’s result before net effect of special items totaled DKK10.5 billion ($1.5 billion) in 2002.

   A.P. Moller previously said that it was unable to give a reliable estimate of its result for 2003 because of business uncertainties.

   In a separate development, A.P. Moller announced that Ib Kruse, a former partner of the group, has left the board of directors of Dampskibsselskabet af 1912, one of the two listed arms of the Danish group.

   The potential merger between Dampskibsselskabet af 1912 and Dampskibsselskabet Svendborg was not discussed at the annual general meeting of the group.

   A.P. Moller has scheduled an extraordinary meeting to discuss the merger in June.