Maersk Cuts 2018 Profit Forecast, But Eyes Market Recovery
Shipping giant A.P. Moller-Maersk has cut its 2018 earnings forecast due to higher fuel prices, although the downgrade was smaller than some analysts had feared, prompting shares in the world's biggest container shipping company to rise.
The container shipping industry has suffered from low freight rates amid a global oversupply of vessels, while Maersk and rivals have warned that a global trade war could hit business.
”We delivered good progress in Q2 on revenue, volumes and unit cost across our business, and results improved from a weak Q1. Spot freight rates have restored after a significant drop in Q2, and volumes are growing in line with [the] market," said chief executive Soren Skou.
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