Source (Zero Hedge)
https://www.naturalnews.com/2020-02-20-coronavirus-infections-deaths-community-outbreaks-cdc-warns-travelers.html
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)
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)
No comments:
Post a Comment