Denmark's Maersk Broker has posted its smallest annual earnings for four years, but 2021 should be stronger.

The Maersk family-controlled shipbroker said 2020 ended with a net profit of DKK 37.4m ($6.1m), down nearly DKK 6m from 2019 and the lowest figure since 2016. Revenue dropped DKK 50m to DKK 345m.

In its annual report, the company said the 2021 result before financial items is expected to be higher than 2020 to the tune of between DKK 50m and DKK 70m.

Future still uncertain

But the estimate carries "considerable uncertainty" due to the continued impact of the coronavirus pandemic.

The brokerage is now chaired by Norwegian tanker owner Odfjell's Danish chief executive Kristian Morch, who took over from Ane Maersk Mc-Kinney Moller in 2019.

The family is represented on the board by Christian Maersk Mc-Kinney Olufsen, who is the son of Kirsten Maersk Mc-Kinney Olufsen.

In December 2020, the company told TradeWinds that it was overhauling its research offering by combining three key divisions into a strategic unit.

The leading Danish broker merged its research, advisory and valuations departments into a single team from 1 January.

No lay-offs

Chief executive Anders Hald said the move was not expected to lead to any lay-offs, but was needed to create a more integrated service.

"We have been expanding on our research, in general," he said at the time.

"Now we think we are at a level where we should be able to offer a better consolidated service to our clients."

As part of the restructuring, the advisory service of the broking shop will focus on offering provision of capital through alternative financing and leasing, as well as corporate finance and consultancy services.