Updated: November 17, 2020 (Originally published June 17, 2020)
COPENHAGEN, June 17 (Reuters) – A.P. Moller-Maersk , the world’s top container shipping firm, said on Wednesday that market demand was developing “more favourable than originally expected” in the second quarter, sending its shares up 7%.
The coronavirus crisis hit the container shipping trade as supply chains were upended and businesses and factory activity in China and later across the world was disrupted.
However Maersk, which handles one in every five containers shipped by sea worldwide, now expects volumes to fall 15-18% in the second quarter compared to a previous forecast for a 20-25% drop.
It expects second-quarter earnings before interest tax, depreciation and amortisation (EBITDA) and before restructuring and integration “slightly above” the $1.5 billion achieved in the first quarter.
Maersk will publish full second-quarter results on Aug 19. (Reporting by Stine Jacobsen; Editing by Edmund Blair, Kirsten Donovan)
(c) Copyright Thomson Reuters 2019.
This article contains reporting from Reuters, published under license.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Geneva-based Mediterranean Shipping Company has reached a new milestone, pushing its total containership capacity past 7.2 million TEU and solidifying its position as the world’s largest carrier with a commanding...
The Danish toy giant LEGO is set to launch a new collector’s set celebrating Maersk’s methanol-powered flagship, Ane Maersk. The Maersk Dual-Fuel Container Vessel (40955) hits shelves on March 1, bringing the world’s first...
South Korea’s HMM managed to stay in the black through a bruising 2025 for container shipping, posting a 13.4% operating margin even as freight rates collapsed across major trade lanes and several global rivals slipped into losses.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
