A.P. Moeller-Maersk A/SG&A's (AMKAF) CEO Soren Skou on Q2 2019 Results - Earnings Call Transcript

Aug. 15, 2019 6:21 PM ETA.P. Møller - Mærsk A/S (AMKAF)
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A.P. Moeller-Maersk A/SG&A (OTCPK:AMKAF) Q2 2019 Results Earnings Conference Call August 15, 2019 5:00 AM ET

Company Participants

Soren Skou - CEO, CEO of Transport & Logistics Division

Carolina Dybeck Happe - CFO and Executive Board Member

Conference Call Participants

Lars Heindorff - SEB

David Kerstens - Jefferies

Finn Bjarke Petersen - Danske Bank

Robert Joynson - Exane BNP Paribas

Marcus Bellander - Nordea

Soren Skou

Good morning everyone and thank you for listening to our earnings call today for Second Quarter Interim Report 2019 for Maersk. My name is Soren Skou. I'm the CEO, and I'm joined today by Carolina Dybeck Happe, our CFO.

Now, before we move into the business specific highlights, I would like to comment on the current trade environment. First, I want to make sure that it is clear that we don't believe that tariffs are good for the global economy and we do not welcome them, but with that being said the impact from the current U.S. China tariffs and trade tensions on global trade has been quite manageable for us so far.

Overall global container trade has increased around 2% in the first half of 2019. That puts it right in the middle of the 1% to 3% range that we laid out in our guidance at the start of the year and that's what we have been planning for when it comes to net working capacity as shown. U.S. imports have slowed, yes, but so far the drag from tariffs has been less than expected. U.S. imports from China is down around 7% in the first half, but Pacific trade overall grew 1% and total imports to the U.S. grew 2.5% in the first half.

Also European related trade where we are most exposed have seen strong volume growth in first half

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