Danish boxship giant AP Moller-Maersk has posted a loss in the fourth quarter as it adjusted vessel capacity to protect its margins.

The group said the net deficit was $61m, against a profit of $44m in the same period of 2018, while it also paid more tax.

Ebitda increased by 1% to $1.5bn.

The annual result came in at a loss of $44m versus a profit of $3.2bn