Maersk profit forecast raised although 2,000 redundancies planned

Maersk has upgraded its profit forecast for 2020 based on preliminary Q3 figures and the current outlook for Q4, with its ocean business benefitting from a faster rebound than expected as well as high freight rates.

Full year 2020 EBITDA is now expected to be between US$7.5-8.0bn before restructuring and integration costs, after previously being estimated at US$6.0-7.0bn.

However, the shipping company has confirmed it will make around 2,000 employees redundant as part of its latest restructuring, which features the retirement of its Safmarine and Damco brands.