"2020 is undoubtedly a challenging year, but as we constantly adjust to demand and continue to show progress in our transformation and financial results, we are well equipped to weather the storm," said Maersk Chief Executive Officer (CEO) Soren Skou in comments on the Q1 result.
According to the accounts, Maersk weathered the COVID-19 storm to achieve a Q1 profit of 1.44 billion Danish kroner (209 million U.S. dollars)
The profit was earned in the face of demand for shipping containers decreasing by around 5 percent globally in the first three months of the year and the company being hit by a 16-percent drop in imports of goods from China to Europe, said the accounts.
Maersk also offered a bleak profit assessment forecasting a 20 percent to 25 percent drop in the international freight business in the second quarter due to the continuing COVID-19 situation.
In summing up expectations for the whole of 2020, Maersk predicts demand for worldwide shipping will fall primarily due to COVID-19.
Latest comments