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Robert.Jervis_43227 Oct 23

Maersk on the up

Maersk on the up image
Better than expected financial performance
Maersk has announced that it is revising its EBITDA expectations for 2019 based on the financials for the third quarter and the updated outlook for freight rates, volumes and bunker fuel prices for the rest of the year.

The company’s revised EBITDA expectation is between $5.4bn-$5.8bn, previously it was predicted at approximately $5bn. The remaining part of the guidance is unchanged.

In the third quarter, despite slower global demand growth and lower freight rates, Maersk reported a better than expected financial performance in its Ocean division, primarily driven by strong reliability and capacity management combined with lower fuel prices and continued margin improvements in Terminal & Towage.

Revenue was $10,055m for the company in Q3 2019, EBITDA was $1,656m. In the first nine months of 2019, the company reported revenues of $29,222m and EBITDA $4,249m.

Maersk will provide further details in its revised full-year outlook in the interim report for Q3 2019 published on 15 November 2019

Source: Ti