COPENHAGEN: Danish shipping and oil giant A.P. Moeller-Maersk reported a net loss of 3.02 billion kroner (405 million euros, 577 million dollars) for the first six months of 2009 on Friday.

The company cited a fall in demand for its freight services. The result compares with a net profit of 11.98 billion kroner for the same period last year.

In a statement, A.P. Moeller-Maersk said the recent global economic turmoil had hit the company "primarily by way of declining volumes and rates for container shipping activities."