Showing posts with the label Business Container Shipping Line Largest.

News | Business | Container Shipping: Maersk warns over stranded crew during virus pandemic

Richard Milne, Nordic and Baltic  3 minutes - Source: FT The world’s largest container shipping line warned it faces a “massive problem” from crew being stranded on its vessels even as it defied a slump in global trade to report higher quarterly profits. A mix of cost cuts, higher freight rates and lower oil prices helped AP Moller-Maersk report a 25 per cent increase in second-quarter earnings, before interest, tax, depreciation and amortisation, to $1.7bn from the same period a year ago. The better than expected earnings came despite a 10 per cent fall in global demand for containers — a proxy for global trade growth — as well as a 16 per cent fall in volumes in its shipping business. After suspending its full-year guidance in March due to coronavirus, Maersk reinstated it on Wednesday at a higher level. Previously, it had expected ebitda to be about $5.5bn for 2020 before restructuring and integration costs but it