Shares rise in Danish giant after tough Q1
Shares in Maersk have risen by around 7%, the most since December 2016, after world’s number one liner stated its rates have recovered after plunging in Q1, 2018.
Chief Executive Officer Soren Skou said: “Freight rates have restored after a significant drop in Q2, and volumes are growing in line with market.
“We delivered good progress in Q2 on revenue, volumes and unit cost across our business, and results improved from a weak Q1.”
Maersk recently faced a scare after investors began betting against it, an occurance rarely experienced for the Danish giant.
Ongoing trade war trepidation and a big loss in market value has plagued the shipping industry in recent months, and Maersk has cited declining freight rates and rising fuel costs as it cut its full-year financial forecast.
Maersk is now aiming at 2018 profits to hit around US$4 billion.
Read more: Maersk in Executive Reshuffle