World’s biggest shipping company cautions on trade tensions
A.P. Moller-Maersk cautions full-year guidance "continues to be subject to uncertainties''
COPENHAGEN – Danish shipping group A.P. Moller-Maersk says it swung to a profit in the second quarter but cautioned about uncertainty related to global trade amid U.S. sanctions on major economies.
Second-quarter revenue grew 24 per cent to US$9.5 billion, leading to a $26-million profit, compared with a $264-million loss a year earlier.
CEO Soeren Skou said Friday the company delivered “strong growth,” with the acquisition of German container shipping company Hamburg Sud “a positive contributor.” Profits were helped by higher bunker prices.
The Copenhagen-based group said full-year guidance “continues to be subject to uncertainties,” including further restrictions on global trade.
Maersk also decided to spin off its drilling unit, Maersk Drilling Holding A/S, and list it separately in Copenhagen. Shares in the parent company were up 4 per cent to 8,966 kroner.