Shipping major revises Q2 expectations up

A.P. Møller - Mærsk (APMM) has revealed is expecting an EBITDA before restructuring and integration costs for Q2 2020 slightly above the level for Q1 2020 (USD 1.5bn).

That’s according to CEO Søren Skou and is based on market development combined with cost measures across the organisation and significant blanked sailings.

“With the current trading, the market demand in the second quarter of 2020 is developing more favourably than originally expected with the volume decrease for APMM now anticipated to be in the range of -15% to -18% for Q2, compared to the initial guidance of -20% to -25%.

“Given the uncertainty on demand recovery in the second half of 2020 as economies are still impacted by Covid-19, the full-year guidance on earnings remains suspended,” he said.

“This quarter follows a first quarter where we also delivered year-on-year earnings growth despite 5% lower demand and sharply increasing fuel cost as a result of the switch to low sulphur fuel on 1 January.” 

APMM will publish its Q2 interim result on 19 August.