A.P. Moller-Maersk A/S has launched a $1.6 billion share buyback program, as the world’s biggest container shipping company says the Covid crisis has so far dented its business less than feared.
Copenhagen-based Maersk, which late on Tuesday raised its guidance for a second time since October, reported a 39% increase in Ebitda to $2.3 billion in the third quarter. Profit by that measure, before restructuring and integration costs, will reach $8 billion to $8.5 billion this year, it said. Previous guidance was for $7.5 billion to $8 billion.