Group operating profit (EBITDA) before restructuring and integration costs for Q2 will be slightly above Q1, which came in at US$1.5 billion.

Market demand in the second quarter is developing more favourably than originally expected. Maersk now anticipates declines of 15-18 per cent for Q2 compared to the intial guidance of 20-25 per cent.

But full-year guidance on earnings remains suspended given the uncertainty on demand recovery in the second half as economies are still impacted by Covid-19.

Said Maersk group CEO Soren Skou: "We have been able to navigate well in a very difficult second quarter, adjusting capacity to demand to maintain high utilisation of our network and managing our cost across the company. We also delivered year-on-year earnings growth despite five per cent lower demand and sharply increasing fuel costs as a result of the switch to low-sulphur fuel on January 1."

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