February 21, 2020

๐Ÿฆ  ~ ZH: Weak Start To The Year' - Maersk Warns Paralyzed Chinese Factories To Damage Global Economy ~ | .. The breakdown in the global supply chain is becoming a bigger threat by the day .. | Blogger: In other news and according to NN, Mike Adams, Coronavirus infections are exploding outside China, with non-China infections now exceeding 1,000 and doubling about every six days. The CDC is now warning about community outbreaks in six nations, and three U.S. states appear to be engaged in a cover-up about domestic infections... |

Source (Zero Hedge)

A.P. Moller-Maersk A/S, the world's largest container shipping company, warned Thursday that the Covid-19 outbreak in China, and quickly spreading across the world, would hit earnings this year.

Maersk said factories in China are currently operating at 50-60% of capacity because the economy has ground to a halt.

Maersk reported an unexpected loss in the fourth quarter of $72 million from a profit of $46 million a year earlier. The shipper is a barometer of global trade, said revenues declined 5.6% to $9.67 billion, missing expectations of $9.4 billion, due mostly to a decline in container shipping.

Shipping volumes in both East to West and North to South routes were lower amid several years of front-loading by corporations ahead of President Trump's tariffs. Lower demand was seen across Europe, Latin America, the US, and across Asia Pacific countries last quarter (READ MORE)

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