Improved ocean freight results boost Maersk’s 2019 outlook
In a rare bit of good news for container shipping, Maersk said full-year operating earnings will come in better than originally forecast.
The world’s largest ocean carrier on Monday said earnings before interest, taxes, depreciation and amortization (EBITDA) for 2019 will be between $5.4 billion and $5.8 billion, compared with an earlier forecast of $5 billion.
The Copenhagen-based company increased its forecast thanks to better-than-expected performance in its ocean freight segment. Despite lower freight rates and slower global demand growth, ocean freight’s results were “driven by strong reliability and capacity management combined with lower fuel prices.” Maersk also said it saw improved margins in the terminal and towage business.
Maersk said third-quarter revenue came in at $10.05 billion, down slightly from a year earlier but up 4% sequentially....MUCH MORE
