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Maerks remains vigilant for significant delcline across 2020
World’s largest shipping firm says demand will ‘significantly decline’ this year.
The company reported a 25% rise in second-quarter EBITDA (earnings before interest, tax, depreciation and amortization) to $1.7 billion, outstripping the $1.575 billion expected by analysts.
Maersk, often seen as a bellwether for global trade, now projects 2020 EBITDA of between $6 billion and $7 billion, up from initial guidance of $5.5 billion.
Maersk expects further trade pick up in 3th quarter
Maersk, the world’s largest container shipping firm, beat second-quarter profit expectations on Wednesday and said it expects demand to pick up in the third quarter, but warned of a “significant decline” across the year.
Despite being negatively impacted by a “sharp drop in volumes” in the second quarter, with revenues falling 6.5% from the same period last year as the global economy was brought to a standstill by the coronavirus pandemic, Maersk upped its full-year guidance on Wednesday.
Maersk Line reports 25% EBITDA increase in second quarter
The Danish company reported a 25% rise in second-quarter EBITDA (earnings before interest, tax, depreciation and amortization) to $1.7 billion, outstripping the $1.575 expected by analysts in a Refinitiv poll.
Maersk, often seen as a bellwether for global trade, now projects 2020 EBITDA of between $6 billion and $7 billion, up from initial guidance of $5.5 billion.
The fall in revenue was attributed to a decrease of 16% in the company’s Ocean division and 14% in gateway terminals, which Maersk said was “partially offset by increased freight rates and increased revenue per move in Terminals.”
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