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Shipping giant Maersk suspends 2020 outlook

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Shipping giant Maersk said on Friday its first quarter earnings would take a hit from weak volumes and that its 2020 earnings outlook would be suspended due to uncertainty in the global transport sector.

[COPENHAGEN] Shipping giant Maersk said on Friday its first quarter earnings would take a hit from weak volumes and that its 2020 earnings outlook would be suspended due to uncertainty in the global transport sector.

Maersk said its guidance on earnings before interest, tax and amortisation (Ebitda), previously US$5.5 billion for the year, would be suspended until further notice. It preliminarily expected first quarter Ebitda of around US$1.4 billion.

Its ongoing share buy-back programme as well as proposed dividends for 2019 would not be affected by this decision, Maersk said.

REUTERS