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Cost of Maersk cyber-attack estimated at $300m Featured

Shipping giant Maersk has posted its Q2 financial results for 2017, showing a strong 8.4 per cent growth in revenues – however, the company has noted that the unexpected costs of the ‘NotPetya’ cyber-attack it suffered at the end of June will impact negatively on next quarter’s results and could run up to US$300 million.

{mprestriction ids="1,2"}“In the last week of the quarter we were hit by a cyber-attack, which mainly impacted Maersk Line, APM Terminals and Damco,” explained Søren Skou, CEO of A.P. Moller – Maersk.

“Business volumes were negatively affected for a couple of weeks in July and as a consequence, our Q3 results will be impacted. We expect the cyber-attack will impact results negatively by US$200-300 million.”

Maersk Line had been the main revenue driver for the Group in the quarter, due to the continuing recovery in the container market, however it was the Maersk Line business unit itself that was one of those most heavily disrupted by the cyber-attack, due to system shutdowns in online booking (including its portal) and the inability to process logistics and supply chain data in its usual manner.

“Maersk Line is again profitable delivering in line with guidance, with revenue growing by US$1 billion year-on-year in the second quarter. The profit was US$490 million higher than the same quarter last year, based on higher rates,” said Mr Skou.{/mprestriction}

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