AUGUST 7, 2018 — Based on the outlook for freight rates and facing continued high bunker prices, A.P. Møller – Mærsk A/S said today that it is revising its expectations for its 2018 result.
APMM’s new expectation for earnings before interests, tax, depreciations and amortizations (EBITDA) is in the range of $3.5-4.2 billion and a positive underlying profit. The previous expectation for EBITDA was in the range of $4.0-5.0 billion and an underlying profit above 2017 ($356 million). The remaining part of the guidance is unchanged.
“We delivered good progress in Q2 on revenue, volumes and unit cost across our business, and results improved from a weak Q1. Spot freight rates have restored after a significant drop in Q2, and volumes are growing in line with market,” said CEO Søren Skou. “However, we continue to encounter very high bunker prices, which we have not been able to get fully compensated for in freight rates, leading to an adjustment in our expectations for the full-year 2018.”