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Maersk: June cyberattack cost up to $300 million

Aug 17, 2017 09:00 AM

The company's stock rises, however, as its CEO forecasts better days for container shipping

(COPENHAGEN, Denmark) — A.P. Moller-Maersk on Wednesday said it expected a loss of up to $300 million for the June 27 cyberattack that disrupted its container shipping operations for weeks, Reuters reported. Despite that, the company's chief executive offered an upbeat outlook for container shipping.

Maersk stock rose by as much as 4.5 percent as investors looked beyond second-quarter charges and the costly Petya cyberattack. Company CEO Soren Skou said the container shipping industry is showing signs of recovery this year as freight rates have picked up, while overcapacity is easing as orders for new vessels fall and existing ships are scrapped.

Maersk has been hit by low oil prices in its energy division and sliding prices in its shipping business in recent years due to lackluster global trade and a glut of ships for hire.

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