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Profits in line, but trade tensions a concern



Danish shipping company Moller-Maersk has achieved results in the first quarter close to expectations on Friday, and warning that trade tensions and slowing economic growth constitute considerable uncertainty.

Profit before tax, depreciation and amortization (EBITDA) amounted to $ 1.24 billion for the quarter, compared to $ 1.25 billion forecast by analysts in a Reuters survey.

Maersk, the world's largest container shipping company, said it still expects 2019 EBITDA of around $ 5 billion.

"We are still facing considerable uncertainties," says CEO Søren Skou in a press release, which mentions "the risk from trading tensions. "

In the first quarter," volumes of trans-Pacific trade between Asia and North America have shown signs of decline and new tariffs may potentially reduce expected growth in global container volumes by up to 1

percentage point. "He added.

President Donald Trump accused China of unfortunately abstaining from an agreement earlier this month, announcing that tariffs of $ 200 billion of Chinese goods would increase to 25% from 10% on May 10.

Beijing retaliated, raising $ 60 billion worth of US products, over the past two weeks, the Trump administration has also put Chinese telecom giant Huawei on a blacklist that prevents it from buying from US companies without US government permission.

CNBC Friday, Skou emphasized that the United States also has an excellent discussion with the European Union.

"If the conflict between China and the United States is resolved, our expectations would be that it would immediately lead to a discussion between the EU and the United States, so I think not that we will be done with tensions anytime soon, "he said. CNBC's" Street Signs "Friday

-Travelers and CNBC's Evelyn Cheng contributed to this article.


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