Global shipping major A.P. Moller – Maersk has reported a 17% increase in earnings before interest, tax, depreciation and amortization (EBITDA) to USD 1.4 bn in Q2 compared to the same quarter last year. Revenue grew slightly to $ 9.6bn, which is on par with last year, and the underlying profit increased to $ 134m from USD 15m in Q2 2018.
“Q2 was a quarter of solid progress. EBITDA was up 17% and cash flow improved 86% year on year, driven by continued recovery in Ocean,” says Søren Skou, CEO of A.P. Moller – Maersk.
According to a company release, the increases in volume and freight rates, Ocean EBITDA in Q2 increased 25% to USD 1.1bn. The Ocean business continued to recover with enhanced unit cost, utilization and reliability and revenue grew 2.9% to USD 7.2bn compared to Q2 2018.
In logistics and services, EBITDA grew to USD 61m in Q2 compared to USD 52m in the same quarter last year. Revenue was at USD 1.5bn, positively impacted by increased revenue in supply chain management, but offset by declining revenue from sea and air freight forwarding.