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COPENHAGEN, Denmark (AP) — Danish shipping group A.P. Moller-Maersk says its first-quarter revenue increased by 30 percent to $9.3 billion, but also noted increased uncertainties due to geopolitical risks, trade tensions and other factors impacting freight rates, bunker prices and rate of exchange.

Chief Executive Soeren Skou says that the group’s results in its key ocean business was “unsatisfactory” in the short term. The group posted a $239 million deficit.

Skou added that the Copenhagen-based group was implementing a number of short-term initiatives to improve profitability in the hopes of making more this year than in 2017, when profit was $356 million.

Thursday’s earnings were the first to include the acquisition of German container shipping company Hamburg Sud.

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Maersk shares dropped nearly 9 percent to 9,244 kroner in morning trading in Copenhagen.