From Bloomberg via gCaptain, August 7:
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.
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
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