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World’s Largest Shipping Conglomerate Reports Robust Business in 2020

The vessel Lars Maersk of the Copenhagen-based Maersk Line. Photo: px fuel

The CEO of the world’s largest shipping company, Moeller-Maersk A/S, spoke to reporters at a press conference on Wednesday at the company’s headquarters on the Esplanade in Copenhagen, Denmark.

The shipping and logistics company published its second quarter figures today, surprisingly showing that its bottom line had dipped only slightly during the last several months despite the global coronavirus pandemic.

However, CEO Soeren Skou cautioned that the global trade picture is still very uncertain at the present time.

The conglomerate posted revenues that showed a decline of 6.5%, down to $9 billion, compared with the second quarter of 2019. Maersk still posted numbers that were well in the black, however, with profits increasing from $153 million to $443 million this year.

Skou was quoted by the Associated Press as admitting that the company’s finances were impressive, considering global events of 2020, saying “We are well positioned to financially and strategically come out stronger from the crisis.”

Maersk released a statement at the time the second quarter profits were announced which cautioned that the outlook for the rest of this year involved “high uncertainties” because of the pandemic and that it “does not take into consideration a material second lockdown phase.”

The company’s outlook for 2020 as a whole, however, calls for Maersk to rake in gross earnings, before interest, tax, depreciation and amortization, of between $6 billion and $7 billion — which also does not reflect its necessary costs for restructuring and integration.

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