Danish container shipping giant Maersk made a substantial profit in the first quarter of 2020, despite difficulties associated with the Covid-19 pandemic.
"2020 is undoubtedly a challenging year, but as we constantly adjust to demand and continue to show progress in our transformation and financial results, we are well equipped to weather the storm," said Maersk chief executive officer (CEO) Soren Skou in comments following the publishing of the line’s first quarter results this week.
According to the accounts, Maersk weathered the Covid-19 storm to achieve a Q1 profit of $209 million. The profit was earned in the face of demand for shipping containers decreasing by around 5% globally in the first three months of the year and the company being hit by a 16% drop in imports of goods from China to Europe.
Maersk offered a bleak profit assessment, forecasting a 20 to 25% drop in the international freight business in the second quarter due to the continuing Covid-19 situation. In summing up expectations for the whole of 2020, Maersk predicted demand for worldwide shipping would fall significantly, primarily due to Covid-19. – African News Agency