Maersk warns that coronavirus outbreak could hurt 2020 revenue

Last Friday February 21st, Maersk warned that the coronavirus outbreak will weigh on the company’s earnings this year, adding to problems such as trade wars and economic slowdown.

The company predicts a weak start to the year because factories in China have been closed for longer than usual after the Chinese New Year holiday.

In a statement, Maersk said that “Weekly container vessel calls at major Chinese ports have dropped significantly in the last weeks of January and the first weeks of February compared to last year.”

However, the company reiterated a forecast of 1% to 3% growth in global container demand this year. According to the statement, the company’s chief executive, Soren Skou, remains optimistic about a recovery in the second quarter. Global demand for containers grew by 1.4% in 2019 and 3.8% in the previous year.

It is worth remembering that on the 19th February, Maersk announced the purchase of the American storage and distribution company Performance Team as part of its plans to offer more personalized logistics solutions.

Source: Hellenic Shipping News

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