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MAERSK SEES RECOVERY BUT REMAINS CAUTIOUS FOR 2021

Tuesday, October 13, 2020 

A.P. Moller-Maersk is changing its full-year guidance for 2020 based on preliminary Q3 figures and the current outlook for Q4, though uncertainty around the global pandemic remains.

CEO Søren Skou said: “A.P. Moller-Maersk is on track to deliver a strong Q3 with solid earnings growth across all our businesses, in particular in Ocean and Logistics & Services. Volumes have rebounded faster than expected, our cost have remained well under control, freight rates have increased due to strong demand and we are growing earnings rapidly in Logistics & Services. The outlook for Q4 is solid for the same reasons, and we are therefore able to upgrade our expectations for the full year. The outlook for 2021 remains uncertain due to the ongoing pandemic. The positive impact from stimulus packages may be less strong in 2021, potential new lock downs will impact demand and the timing and effectiveness of a potential vaccine will impact 2021.”

The company expects to take a restructuring charge of around US$100m in Q3 2020 related to the redundancies of about 2,000 employees in consequence of previously-announced changes to the organisation in Ocean and Logistics & Services. Trading conditions for the quarters ahead remain subject to a higher than normal uncertainty given the disruptions caused or potentially being caused by Covid-19.

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