World’s biggest shipping company cautions on trade tensions

Danish shipping group AP Moller-Maersk says it swung to a profit in the second quarter but cautioned about uncertainty related to global trade amid US sanctions on major economies.

Second-quarter revenue grew 24 per cent to USD 9.5 billion, leading to a USD 26-million profit, compared with a USD 264-million loss a year earlier.

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CEO Soeren Skou on Friday said the company delivered “strong growth,” with the acquisition of German container shipping company Hamburg Sud “a positive contributor.”

Profits were helped by higher bunker prices.

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The Copenhagen-based group said full-year guidance “continues to be subject to uncertainties,” including further restrictions on global trade.

Maersk also decided to spin off its drilling unit, Maersk Drilling Holding A/S, and list it separately in Copenhagen. 

Shares in the parent company were up 4 per cent to 8,966 kroner.