Maersk pleased with 2019's results
The Copenhagen (Denmark)-based Based A.P. Møller - Mærsk A/S (APMM) has upgraded its expectations for the 2019 result. The optimism derives from the financials of Q3 and the updated outlook for freight rates, volumes and bunker fuel prices for the rest of the year.
APMM’s new forecast for earnings before interest, taxes, depreciation and amortisation (ebitda) is in the range of USD 5.4-5.8 billion, above the previous estimates of around USD 5 billion. Maersk said that the revenues in Q3 were at USD 10.05 billion, down slightly from a year earlier, but up 4% sequentially, and ebitda amounted to USD 1.66 billion. In total for the first nine-months, revenues were at USD 29.22 billion, a rise of 1.3% compared to the same period in 2018, and ebitda at USD 4.25 billion (+57%).
The carrier commented that "despite slower global demand growth and lower freight rates", performance in the ocean segment, lower fuel prices and continued margin improvements in terminal & towage made the day. APMM announced it will detail its revised full year outlook in the interim report for Q3 2019 that will be published on 15 November 2019. (fd)