Maersk dashed all hope that a V-shaped recovery will be seen in the back half of the year, rather suggesting a U-shaped recovery is more plausible.
"Looking into Q2 2020, visibility remains low as a result of the COVID-19 pandemic. We continue to support our customers in keeping their supply chains running, however as global demand continues to be significantly affected, we expect volumes in Q2 to decrease across all businesses, possibly by as much as 20-25%," Soren Skou, Maersk's CEO, was quoted in a company press release.
"2020 is a challenging year, but as we proactively respond to lower demands and show progress in our transformation and financial performance, we are strongly positioned to weather the storm," Skou said.
Maersk pulled its full-year guidance for 2020 in late March, due to the COVID-19 pandemic that has severely damaged the global economy. In an interview with Bloomberg, Skou said he's expecting "some sort of U-shaped recovery."