AP Moeller-Maersk (AMKBY) , the Danish oil and shipping conglomerate, fell more than 8% in early trading in Denmark Wednesday after reporting a weaker-than-expected third quarter.

Maersk, whose container shipping business is the largest in the world, was hit hard by overcapacity resulting in a 43% decline in third-quarter profit. Container freight rates fell 16% in the quarter compared with the same time frame last year.

Maersk shares fell 7.1% in early trading to change hands at DKK 9,410 each, the lowest level since August 18.

Net income fell to $429 million in the three months to the end of September, compared with $755 million last year. This undershoots Bloomberg estimates of $501 million.

Quarterly revenue was $9.1 billion. The company still expects to "significantly" underperform in the full financial year compared with 2015's $3.1 billion.

"The result is unsatisfactory, but driven by low prices," CEO Soren Skou said in a statement. "We generally perform strongly on cost and volume across businesses."

The container shipping industry has seen dramatic changes over the past couple of months. Most recently South Korea's Hanjin Shipping, the world's No. 7 container-shipping company, filed for bankruptcy in August, stranding ships at sea.

The company is in the midst of breaking up its operations. In September it announced the company will be divided into two divisions -- one: transport and logistics; and two: energy -- with the latter potentially spun off or sold.

The move came as a result of a strategic review by the board into how the company could generate growth and increase synergies while freight and oil prices fall.

"The implementation of the new strategic direction and the restructuring of the group is progressing," Skou said.

More from Investing

Global Stocks Rally as US-China Trade War Thaws; Dow Could Test 25,000

Global Stocks Rally as US-China Trade War Thaws; Dow Could Test 25,000

The Stock Market Has Every Reason to See a Fresh Rally

The Stock Market Has Every Reason to See a Fresh Rally

18 Top Stocks Hedge Funds Own That Goldman Sachs Thinks Will Keep Outperforming

18 Top Stocks Hedge Funds Own That Goldman Sachs Thinks Will Keep Outperforming

3 Simple Tips on Investing From TheStreet's Jim Cramer

3 Simple Tips on Investing From TheStreet's Jim Cramer

Tesla's Supercharger Network Is Booming -- Here's Why That's a Concern

Tesla's Supercharger Network Is Booming -- Here's Why That's a Concern