CORRECTED - UPDATE 2-Maersk swings to Q1 loss, can't rule out year loss

(Corrects to delete out of date reference to share price falling in paragraph 1)

* Swings to first loss since at least World War Two

* Posts 2.1 bln DKK net loss vs forecast 642 mln loss

* Diving global trade slams container shipping

* Low oil prices hits oil and gas business

* Says can't rule out full-year net loss

(Adds more details, comments by CEO, analysts)

By Anna Ringstrom and Peter Levring

COPENHAGEN, May 12 (Reuters) - Oil and shipping group A.P. Moller-Maersk (MAERSKb.CO) swung to a bigger net loss than expected in the first quarter and warned that the full year might end in deficit too.

The owner of the world's biggest container shipping business posted a net loss of 2.13 billion crowns ($390 million) for the first three months, having made a profit of 5.03 billion crowns in the same period last year, as the dive in global trade and freight rates hit shipping and low oil prices hit its oil business even harder than expected.

The average forecast given by analysts in a Reuters poll had been for a loss of 642 million crowns.

However, after an initial fall of 3 percent Maersk shares were up 3 percent at 34,200 crowns by 1307 GMT.

The Danish group, which before 2008 reported results only every half-year, has not reported a net loss at least since World War Two, a spokesman said.

The company, which owns shipper Maersk Line and pumps oil from the North Sea, Qatar, Algeria and Kazakhstan, said it would also make a second-quarter loss.

"The increase in new (ship) tonnage caused the situation to deteriorate and the container activities realised a negative and unsatisfactory result for the first quarter of 2009," Maersk said.