Inside Logistics

Moller-Maersk reports revenue decline

Outlook uncertain due to pandemic

August 19, 2020
by The Associated Press (APR)

COPENHAGEN – The world’s biggest shipping company, Denmark’s A.P. Moller-Maersk, said Wednesday that its business dropped slightly in the second quarter as the COVID-19 pandemic hurt global demand.

The Copenhagen-based group said its revenue declined by 6.5 percent to US$9 billion compared with the same quarter last year. Its profit fell to $443 million from $520 million for the same period last year.

CEO Soeren Skou said the results were strong considering the economic conditions. “We are well positioned to financially and strategically come out stronger of the crisis.”

In a statement, the group said its full-year outlook contained “high uncertainties” related to the pandemic and “does not take into consideration a material second lockdown phase.”

It expects earnings before interest, tax, depreciation and amortization to be between $6 billion and $7 billion before restructuring and integration costs.