Copenhagen  - Danish shipping and oil giant Moller-Maersk on Thursday posted a net loss for the first nine months 2009, blaming lower oil and freight prices.

Turnover, measured in dollars, declined by 25 per cent year-on- year to 35 billion dollars while the conglomerate reported a net loss of 706 million dollars for the January-September period.

In the corresponding business period 2008, the group posted a profit of 3.6 billion dollars.

The group that operates Maersk Line, the world's biggest container shipper, said ship transports fell 5 per cent during the period while average freight rates were 30 per cent lower year-on-year.

The group's total fleet counted 498 container vessels, of which 244 were chartered. During the third-quarter 13 vessels were taken out of service.

Chief executive Nils S Andersen said in a statement that cost-cutting measures would continue.

Concerning its outlook, the group said it expected a loss for full-year 2009 but cited uncertainty over freight rates, the exchange rate for the US dollar and oil prices.

AP Moller-Maersk Group operations include sea transport, offshore oil and gas activities and retail and shipyard operations.

Year-on-year the oil price was 48 per cent lower but production increased 10 per cent. The group has production in Qatar, the Danish section of the North Sea, Britain and Algeria. (IANS)