Maersk sees demand for container shipping slowing as Q3 tops forecast

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Underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) rose to $10.86 billion from $6.94 billion a year ago, above the 9.78 billion forecast by analysts in a poll gathered by the company.

Maersk said it had cut its outlook for global container demand, now seeing it down by 2% to 4% this year compared to the previous guidance of it being the lower end of a range between minus 1% and plus 1%.

It cited an unfolding economic slowdown, expected to continue into the coming year as the reason for its cut guidance.

The Copenhagen-based company, one of the world’s biggest container shippers with a market share of around 17%, is often seen as a barometer for global trade.

Revenues climbed 37% to $22.77 billion in the period.

The company repeated it expects underlying EBITDA of around $37 billion this year.