By Christian Wienberg (Bloomberg) — Shares in A.P Moller-Maersk A/S rose as much as 6.9 percent, the most since December 2016, after the world’s largest container line said freight rates had recovered from their drop in the second quarter.
The Copenhagen-based company made the comments as it lowered its full-year outlook, a move the market had already priced into the shares.
“Freight rates have restored after a significant drop in Q2, and volumes are growing in line with market,” Chief Executive Officer Soren Skou said in the statement. “We delivered good progress in Q2 on revenue, volumes and unit cost across our business, and results improved from a weak Q1.”
The profit warning is “not as bad as feared and 2Q18 results are indicating improved cost control,” Frode Morkedal, an analyst at Clarksons, said in a note.Also at gCaptain:
Maersk shares have in the past months suffered, hurt by trade war fears and a profit warning from peer Hapag-Lloyd AG. Before Tuesday’s announcement, the Danish company, which handles almost a fifth of the world’s seaborne trade, had lost about 22 percent of its market value since the start of the year....MORE