The world’s largest shipping company has 2 dire warnings for the global economy
Akin Oyedele
BusinessInsider.com
Aug. 15, 2016
Maersk is warning about two important parts of the global economy.
In its earnings results on Friday, the Danish shipping conglomerate, which is the world’s largest, restated its expectation for declines across most of its businesses this year.
And it warned about the damage that changes to US trade policy could cause to the global economy.
“Currently we are challenged by market headwinds, as I started out talking about, in the form of low growth and excess capacity in both our industries and that has led to declining prices and declining revenue,” CEO Soren Skou said during the earnings call.
The company said its second-quarter results were unsatisfactory, even though it escaped a loss. Its profit tumbled from $1 billion a year ago to $100 million because of lower prices for oil, freight shipment, and tanker charters.
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