A.P. Moller-Maersk missed fourth-quarter profit expectations on Friday although earnings were up as well as the chief executive leading a turnaround at the entire world’s largest container shipping company said the outlook was positive.
The Danish company’s earnings before interest, tax, depreciation as well as amortisation (EBITDA) rose to $844 million by $605 million, although fell short of the $896 million forecast by analysts in a Reuters poll.
Maersk expects underlying net profit to rise This particular year as well as 3-4 percent growth in seaborne container transportation after around a 5 percent advance last year, the idea said.
“I’m still very optimistic on the fundamentals of the global container shipping industry,” Chief Executive Soren Skou told Reuters in an interview.
Skou, who has staked his future on Maersk as a transport business, said the level of global trade looks positive despite more talk of protectionism as well as of which orders for brand new vessels are at a historic low compared to current fleet size.
Maersk announced a restructuring plan in 2016 focused on shipping which led to a $7.45 billion sale of energy arm Maersk Oil to Total last August.
With oil prices rising again, the idea today has to prove to investors of which its decision was right. The shares are down 27 percent by a July 2017 peak when optimism around freight rates started out to fade.