Maersk hinted that it may be past the worst of the COVID-19 pandemic. FIle Image / Pixabay
Global logistics giant AP Moller-Maersk, the largest corporate consumer of bunker fuel in the world, has indicated it may be past the worst of the COVID-19 pandemic.
In an update of its expectations for second-quarter results issued Wednesday, the company said it expected earnings before interest, tax, depreciation and amortization to be slightly above the level of $1.5 billion reached in the first quarter.
While it had initially expected volumes to be 20-25% lower in the second quarter, it has now revised that range to a drop of 15-18%.
Guidance on earnings for the full year remains suspended, the company said.
"I am pleased that we expect to deliver operating earnings slightly above our operating earnings in the first quarter," Søren Skou, CEO of Maersk, said in the statement.
"This also means we expect operating earnings to be higher than they were in the same quarter last year.
"We have been able to navigate well in a very difficult second quarter, adjusting capacity to demand to maintain high utilization of our network and managing our cost across the company."
The company will publish its second-quarter results on August 19.