Maersk says second quarter result to be better than expected

AP Møller-Mærsk expects EBITDA for the second quarter of 2020 to be slightly above the level of the first quarter of 2020 (US$1.5 billion). This is because of the developing market combined with the measures adopted by the company to control costs.

According to the shipping line, market demand in the second quarter of 2020 is developing more favorably than originally expected, with a forecasted drop in volume of between 15-18% in the second quarter of 2020. The initial forecast was a drop of 20-25%.

Despite this, given the uncertainty about the recovery in demand in the second half of 2020 due to COVID-19, the full year’s forecast on earnings remains suspended.  “We were able to navigate well in a very difficult second quarter, adjusting capacity to demand to maintain high utilization of our network and manage our costs across the company. Although uncertainty persists because of the pandemic and low visibility on the road to recovery, we have benefited from a more resilient ocean business ”, says the company’s CEO, Søren Skou. The company is due to publish its partial results on August 19, 2020.

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