Møller-Maersk buys own shares, fires employees

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The Danish container company A. P. Møller-Maersk is buying up its own shares for 1.6 billion dollars. That’s what the company announced when it published quarterly figures. Maersk had revised up all his profit forecasts for the whole year on Tuesday.

The purchase of own shares will take place over a period of no more than 15 months. Maersk now expects an operating result (ebitda) cleared for reorganisation costs of between 8 billion and 8.5 billion dollars by 2020. Earlier, the company assumed that this result would amount to a maximum of $ 8 billion. In October the company also increased its forecasts.

In the last quarter, the adjusted result increased by 39% to 2.3 billion dollars per year. The group, which is responsible for transporting about one fifth of all containers in the world, said that the recovery of freight transport after the collapse of the pandemiс is stronger than expected. Maersk did, however, note that the crisis could lead to increased fluctuations in the market, as the virus outbreak could unexpectedly disrupt trade and distribution networks.

At Maersk, despite the more positive prospects, a reorganisation is under way. In doing so, the company removes around 2000 jobs.

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Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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