As announced 7 August 2018, A.P. Moller – Maersk expects earnings before interests, tax, depreciations and amortisations (EBITDA) in the range of USD 3.5-4.2bn and a positive underlying profit. The organic volume growth in Ocean is still expected slightly below the estimated average market growth of 2-4% for 2018. Further, 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.