DANISH shipping giant AP Moller-Maersk reported a net profit of US$443 million for the second quarter, which compares with a profit $154 million for the same period of 2019.
This
was achieved by a favourable combination of higher freight rates, lower bunker
costs and substantial savings from the blanking of more than 160 sailings.
Maersk's earnings improved at the
EBITDA level by an impressive 25 per cent, to $1.7 billion, despite the impact
of Covid-19, which saw group revenue decline 6.5 per cent to $9 billion in the
quarter. This was due to a liftings slump of 16 per cent across its liner
trades and a 14 per cent fall in the number of containers handled at its
terminals, reports UK's The Loadstar.
"I am pleased that, despite
the headwinds, we continued our track record of improving earnings and free
cash flow," said CEO
Soren Skou.
"Our
operating earnings improved by 25 per cent, marking the eighth consecutive
quarter with year-on-year improvements, driven by a strong cost performance
across all our businesses, lower fuel prices and higher freight rates in Ocean
and increased profitability in Logistics & Services."
Although Maersk's liner volumes
plunged by 16 per cent, to 2.9 million TEU in the quarter, revenue earned fell
only 8.7 per cent, to $6.6 billion, as average freight rates increased by 4.5
per cent to $1,915 per TEU, driven by an 8.2 per cent spike in rates on
east-west trades.
The carrier's digital Maersk Spot
product gained further momentum and now accounts for some 41 per cent of its
short-term or spot business.
Maersk recorded a $265 million
gain from lower fuel costs and $151 million in network savings as ships were
temporarily taken out of service to mitigate the impact of lower demand.
According to Mr Skou, the success
of the aggressive blanking programmes across its networks represented a
"structural change" that would be repeated should there be a second
wave of the virus and further regional lockdowns.
"Since it has worked so well
for us, why should we change it?" he argued.
Maersk's gateway container
terminals reported a 10 per cent decrease in revenue, as box throughput
declined by 14 per cent. The group's logistics business saw revenue on par with
the previous year, despite a decline in volume, leading to an EBITDA more than
twice the level of the previous year, at $97 million.
After the suspension of its
full-year guidance during the height of pandemic crisis in March, Maersk is now
forecasting an EBITDA of $6-7 billion, above the $5.5 billion guidance given
before the virus outbreak.
Source : HKSG.
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