Independent journal on economy and transport policy
17:06 GMT+1
CENTRO INTERNAZIONALE STUDI CONTAINERS
ANNO XXXVIII - Numero GIUGNO 2020
MARITIME TRANSPORT
MAERSK MORE OPTIMISTIC FOR 2020 Q2
"A.P. Moeller-Maersk (Maersk) has increased its original
volume forecast for the second quarter of 2020, suggesting it could
drop by 15-18% instead of a previously predicted decline of 20-25%."
In a statement, Maersk said it will still suspend releasing
guidance on potential full-year earnings due to the uncertainty
brought about by the COVID-19 pandemic.
However, it did suggest that, as well as its better than
expected volume, it predicted its earnings before interest, taxes,
depreciation and amortization (EBITDA) would be slightly higher than
the $1.5 billion it made in the first quarter of 2020.
Søren Skou, CEO of A.P. Moller - Maersk had this to say:
"Despite an expected 15-18 pct. drop in demand due to COVID-19
during the second quarter, I am pleased that we expect to deliver
operating earnings slightly above our operating earnings in the
first quarter.
"This also means we expect operating earnings to be higher
than they were in the same quarter last year.
"We have been able to navigate well in a very difficult
second quarter, adjusting capacity to demand to maintain high
utilization of our network and managing our cost across the company.
"This quarter follows a first quarter where we also
delivered year-on-year earnings growth despite 5 pct. lower demand
and sharply increasing fuel cost as a result of the switch to low
sulphur fuel on 1 January.
"While uncertainty persist because of the pandemic and low
visibility on the recovery path, we benefit from a more resilient
Ocean-business."
The pandemic has caused chaos across the shipping industry, with
congestion at ports and increased blank sailings from carriers. The
crash in volume has meant carriers have suspended guidance on full
year earnings for 2020, with Hapag-Lloyd being the exception.
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