World’s top shipper says outlook for trade uncertain

Business

AP Moeller-Maersk A/S company CEO Soeren Skou, gives press conference after the group published accounts for the second quarter, at the head office on the Esplanade in Copenhagen, Denmark, Wednesday Aug.19, 2020. Integrated transport and logistics company A.P. Moller-Maersk A/S published its Q2 2020 figures on Wednesday. (Martin Sylvest / Ritzau Scanpix via AP)

COPENHAGEN, Denmark (AP) — The world’s biggest shipping company, Denmark’s A.P. Moller-Maersk, said Wednesday that its business dropped only slightly during the second quarter as the COVID-19 pandemic hurt global demand but the outlook for trade is highly uncertain.

The Copenhagen-based group said its revenue declined by 6.5% to $9 billion compared with the same quarter last year. Its profit went up to $443 million from $153 million for the same period last year.

CEO Soeren Skou said the results were strong considering the economic conditions. “We are well positioned to financially and strategically come out stronger of the crisis.”

In a statement, the group said its full-year outlook contained “high uncertainties” related to the pandemic and “does not take into consideration a material second lockdown phase.”

It expects earnings before interest, tax, depreciation and amortization to be between $6 billion and $ 7 billion before restructuring and integration costs.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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