Maersk confident about shipping recovery beyond 2020

 23 November 2020   

Maersk Container

[COPENHAGEN] Shipping group Maersk said on Wednesday it is confident about the outlook for shipping beyond 2020 as a second wave of coronavirus infections has only had a limited impact on global freight volumes.

Maersk, the world's biggest container shipping line, has recovered faster than expected after the pandemic halted trade around the world, benefiting from higher retail sales in the United States.

"The second wave of coronavirus infections has had relatively limited impact on trade volumes," chief executive Soren Skou told a news briefing after announcing third-quarter results in line with preliminary numbers published last month.

The company on Tuesday raised its full-year earnings forecast, citing increased momentum in the fourth quarter in global container volumes and freight rates.
Shipping executives last month warned that a rally in freight rates fuelled by surging shipments into the United States could slow because of new Covid-19 lockdown measures.

"One thing we've learned is that it doesn't really matter if a society is in lockdown or not, because consumers spend their money online instead of going to the mall," Mr Skou said.

"A lot of the money consumers haven't been able to spend on holidays or at restaurants, bars or sporting events, have instead been spend buying things like flat screen TVs or new shoes," he said.

While Mr Skou forecasts global container volumes to contract by 4 per cent-5 per cent this year, he forecasts a return to normal next year with global container volumes slightly above 2019 levels.

Maersk also announced a new share buy-back programme of up to US$1.60 billion, a decision that was "supported by the strong earnings and free cash flow generation seen in 2020." In line with preliminary numbers announced last month, Maersk said third-quarter sales fell slightly from last year to US$9.92 billion, while earnings before interest, tax, depreciation and amortisation rose 39 per cent to US$2.3 billion.

MEMBERS OF

SHIPPING LINES

COURRIER PARTNERS

Turn Up is a boutique and wholly Australian owned company that provides solutions and legal services that are trusted, relevant, consistent and professional Best and Recommended Visa Consultant in Bali Indonesia.

The Director runs the day to day management of Turn Up which requires them to hold a very high and solid understanding coupled with many years of experience to run the business and operational objectives needed to ensure the greatest potential for success for all of Bali expat’s legal needs Best and Recommended Visa Consultant in Bali Indonesia.

With this experience and understanding in mind, they have built a strong team with broad and very focused skill sets to accomplish the best possible outcomes for expatriates, living, working, investing, building a business or even marrying in Bali Best and Recommended Visa Consultant in Bali Indonesia.

We have created a structure that provides solid communication through every step of the process. We provide the time together with a strong plan and a focused team that works towards goals and deadlines to maximize your satisfaction and success.

We give you the Best Trusted Solution and Service by providing operational excellence, service leadership and customer confidentiality.

Turn Up demonstrates our alliance with all of our existing clients by our consistently progressive commitment to customer service. This customer support infrastructure enables us to offer our clients complete satisfaction and excellence of service, which exceeds client expectation while maintaining a cost pro-active attitude of care within our own organization Best and Recommended Visa Consultant in Bali Indonesia.

At Turn Up we ensure that our clients are kept up to date and informed on the progress and of any regulation changes at all times. We respond to each individual’s needs from application to completion.