Maersk optimistic of freight forwarding business after 2020

Maersk Shipping Company, which owns the largest container transport line in the world, stated that the company is confident that the future of freight shipping will improve after 2020, considering that the second wave of the Corona virus has only slightly affected the volume of cargo transportation business globally, and the company’s business has improved faster than It is expected that after trade stopped around the world due to the pandemic, taking advantage of the increase in its retail sales in the United States of America, and the last thing the company announced was that it raised its annual revenue prediction due to the increase in trade and transport of goods and containers globally in the fourth quarter.

The company’s freight forwarding executives warned last month that the acceleration in freight rates represented by increased shipments to the United States could slow as a result of the general closure procedures for the second time due to the pandemic, and the volume of container shipping business is expected to shrink globally by 4-5% this year, but Expectations also indicate that shipping rates will return to normal next year, with a slight increase from the 2019 rates.

Maersk announced a project to repurchase its shares with a value of up to 10 billion Danish crowns (equivalent to 1.6 billion dollars), and the support for this step comes from the large volume of revenues achieved by the company and financial liquidity in 2020, and the company stated that sales of the third quarter of this year fell significantly Slightly over the previous year to reach $9.92 billion, while earnings before interest, taxes, expenses and debt repayments rose 39% to $2.3 billion.

($1 = 6.2680 DKK)

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