Despite rough economic conditions, the Danish shipping and oil group Maersk looks like it’s sailing into calmer conditions, posting better than expected Q1 results.

The group achieved increased profits across most businesses, significantly in Maersk Line. The group’s revenue increased by 0.9 percent in part impacted by higher container volumes and lower freight rates, down by around five percent.

In isolation, Maersk Line made $454 million in profit, mainly achieved by cutting costs by around nine percent.

The group upgraded its outlook for 2014 and Saxo Bank’s Head of Equity Strategy Peter Garnry says his model forecasts a ten percent return on Maersk stock.