Displaying items by tag: Impact Q1
World's Largest Box Carrier Warns Coronavirus Could Significantly Impact Q1 Earnings
The world's largest box-carrier, Maersk Line has reported improved profits in 2019 despite bearish global container growth.
However, A.P. Moller-Maersk (APMM), the parent company of the container shipping giant, warned that the spread of the coronavirus and the shutdown of large parts of the Chinese economy would be damaging for 2020 first quarter earnings given its impact on the group’s liner, logistics and warehousing activities.
“We estimate that right now that factories in China are operating at 50-60% capacity and will be ramping up to around 90% capacity by the first week of March,” said Søren Skou, CEO of APMM, in an earnings call earlier this morning.
Maersk Line has already cancelled 50 sailings in addition to services that were blanked for Chinese New Year holidays and factory closures in late January.
Lloyds Loading List has much more on the container-carrier.
As Afloat reported earlier today, the Irish Exporters Association warned a number of Irish companies are going to be impacted by the coronavirus.
