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Cyber-attack wiped up to $300m from Maersk's books

Splash 247, August 2017 
August 17th 2017
Splash 247, August 2017
The impact of Maersk of the Not Petya cyber-attack is starting to be quantified and evaluated. Read the article online here.

Soren Skou, the CEO of A.P. Moller - Maersk, has for the first time put an approximate dollar figure on the hit in revenues the Danish conglomerate suffered in the wake of being hit by the malware Not Petya at the end of June.

Speaking while unveiling the company's keenly anticipated second quarter results, Skou said the cyber-attack could have wiped as much as £300m from the company's sales. The Financial Times suggested last month that Maersk was the hardest hit of all companies worldwide following the Not Petyra attack.

"In the last week of the quarter we were hit by a cyber-attack, which mainly impacted Maersk Line, APM Terminals and Damco. 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 $200-300m," Skou said. However, the Danish company has not changed its full year results guidance.

Underlying profit for the group in Q2 improved from $134m to $389m with Maersk Line contributing with an underlying profit of $327m. However, as a result of post-tax impairments of $732m to Maersk Tankers and APM Terminals, the reported result was a loss of $264m.

"Maersk Line is again profitable delivering in line with guidance, with revenue growing by $1bn year-on-year in the second quarter. The profit was $490m higher than the same quarter last year, based on higher rates," Skou commented.

The cyber-attack on Maersk marked the most high profile online hit of a shipping firm to date, something Esben Poulsson, chairman of the International Chamber of Shipping (ICS), told Splash should serve as a wakeup call for the industry.

William Doyle, a Federal Maritime Commissioner based in Washington DC, also commented on the attack last month, saying: "This cyber-attack happened to Maersk, the largest ocean carrier in the world. If it can happen to them, it can happen to anyone - all of us need to redouble your efforts and secure the best IT system protections."