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Maersk warns trade war could hurt container business

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Shipping company's second-quarter results beat profit expectations

Maersk ship Volga Maersk is docked in Riga port, Latvia. Picture: REUTERS/Ints Kalnins

Newly imposed tariffs between the US and China combined with additional US tariffs due to be implemented later in 2019 could remove up to 1.5% of global container demand in 2020, Maersk said.“It is not tariffs that decide how many goods are being transported, but rather how much Americans buy when they go to Walmart. Luckily for us, the US consumer is still in a good mood,” Skou told a media briefing.

Maersk benefited from higher container freight rates, larger volumes and lower costs and said it still expects ebitda for the full year to total $5bn. Analysts on average expect ebitda of $5.4bn for 2019. “It looks like consensus was running ahead and some had seen Maersk’s guidance as conservative,” Hoyer said. “But I think it would be crazy to lift guidance in this environment,” he said.

 

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