Mubasher: Maersk, the world’s largest container shipping firm, matched third-quarter profit expectations amid a stronger-than-expected upswing in demand, CNBC reported on Wednesday.
The Danish firm recorded a 39% quarterly rise in earnings before tax, depreciation and amortisation (EBITDA) to $2.3 billion, with $1.5 billion in free cash flow.
Revenue fell by 1.4% on the year, less than the company had predicted.
Despite being affected by a sharp drop in volumes in the second quarter (Q2), the company had upped its full-year guidance ahead of an anticipated spike in demand in the third quarter, as measures to curb the coronavirus pandemic were lifted worldwide.
“A stronger-than-expected recovery in demand, following the slowdown of Q2 led to the reactivation of all available tonnage as well as significantly higher prices in the short-term market,” said Maersk CEO, Soren Skou.
Skou added the pandemic continues to weigh on the world’s supply chains, noting that this high level of uncertainty will continue into the coming quarters, with lockdown measures being reimplemented in various parts of the world.