Maersk Sees Huge Q2 Boost Despite US-China Spat
Maersk Line has announced a 17% increase in earnings before interest, tax, depreciation and amortization (EBITDA) in the second quarter (Q2) of 2019, according to its financial figures.
The world largest liner’s EBITDA reached approximately US$1.4 billion and its revenue hit $9.6 billion, which meant the underlying profit soared to $134 million from the $15 million recorded last year.
You can see Maersk CEO Soren Skou comment on the figures below:
Maersk has witnessed growth across multiple segments such as terminals & towage, which jumped 13% to $957 million.
Further, its gateway terminals grew by 8.5% thus leading to much higher utilization.
In logistics & services EBITDA grew to $61 million in Q2 compared to $52 million in the same quarter last year, as revenue reached $1.5 billion, which Maersk credited to improved supply chain management.
Maersk said it took a big step forwards in its global strategic transformation, including the unveiling of Maersk Spot, a digital platform which simplifies the buying process and offers increased visibility and reliability by enabling customers to search and get competitive rates online.
However, despite the positive results, the carrier maintains its cautious outlook for future growth which it made earlier in the year, led largely by the US-China trade war.
You can see Mr Skou comment on this below: