A.P. Moller - Maersk expects earnings before interests, tax, depreciation and amortisations (EBITDA) in the range of USD 3.6-4.0bn from previously USD 3.5-4.2bn and reiterates the expectations of a positive under lying profit.
The organic volume growth in Ocean is now expected to be in line with the estimated average market growth of 3-4% for 2018 (previously slightly below the estimated average market growth of 2-4%). Guidance is maintained on gross capital expenditures (capex) around USD 3bn and a high cash conversion (cash flow from operations compared with EBITDA).
The guidance continues to be subject to uncertainties due to the current risk of further restrictions on global trade and other factors impacting container freight rates, bunker prices and rate of exchange.