The Group's profit was USD 371m (USD 1,671m) and return on invested capital (ROIC) was 4.8% (15.7%). Cash flow from operating activities was USD 2.1bn (USD 3.0bn). The majority of the Group's businesses performed well and delivered good returns. The Group's container and tanker activities continued to face difficult markets due to excess supply of tonnage and a fragmented competitive landscape. With an equity ratio of 52% (50%), net interest bearing debt of USD 14.5bn (USD 13.7bn) and committed undrawn credit facilities of USD 9.3bn (USD 9.6bn), the Group is well prepared and determined to execute on its long term growth aspirations and seize market opportunities within its core businesses despite current turmoil in the financial markets.
The Group's Container activities transported 2.1m FFE (1.8m FFE), 16% higher than in Q3 2010. However, this was not enough to offset the impact from declining freight rates leading to a loss for the period of USD 297m (profit of USD 1,028m). The unsatisfactory market conditions are a challenge for the liner industry, however Maersk Line aims to achieve an EBIT-margin 5% point above peers. Maersk Line launched a new service concept on the Asia-Europe trade, 'Daily Maersk', offering daily departures, fixed transportation time and market leading reliability.
The Group's Oil and gas activities continue to invest in building and developing its resource base, and had another strong earnings quarter with a profit of USD 341m (USD 430m). The profit was negatively affected by higher exploration costs of USD 336m (USD 166m) and positively by a higher average oil price of USD 113 per barrel (USD 77 per barrel).