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Soren skou economic times forex

soren skou economic times forex

Containers are like currency. You have to bring them back,” says Anil Devli, CEO, Indian National Shipowners' Association. We have a lot of appetite to grow in India: Soren Skou, CEO of Maersk Line Maersk Line is part of AP Moller-Maersk Group, a Danish business conglomerate. , ET Company Participants Soren Skou - CEO Patrick Jany in the supply chains as well as negative foreign exchange impact. FOREX ROBOTS Interface to control. Look for the. Terminate a VNC into the SQL. Splashtop Business which desk software with focus on mobile offering enhanced manageability.

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And I would like to reiterate that we have no plans of ordering any new large vessels contain at least And I expect we can provide you with the capital guidance for after or in relation to our Q3 reporting. Turning to the cash flow development then, here clearly we have also made very good progress. We are very pleased with the free cash flow we generated both in Q1 and Q2.

Our cash flow will be impacted in the second half though of preparations toward IMO as we have said previously and that is really because we are starting to buy more expensive fuel towards the end of the third quarter and in the fourth quarter. So that will impact our working capital, but it will, well I will say it hits our working capital this year, but not really the cost base since we will not start to burn the fuel until late December and then next year and next year.

Next slide, and looking at debt. So we had good free cash flow and then we, in the same quarter we paid annual dividend, did the share buybacks and had some more capital lease obligations. So you can see that we have significantly deleveraged our company. Consolidated financial income, well here on this slide we have summarized all the financial KPIs and I've touched most of them.

So I'll just comment then on the financial costs. And in the second quarter the increase slightly compared to second quarter a year ago and well we had lower financing costs now because we are significantly lower debt level, but last year we had the Total shares and the dividend that we received from them comes into this line in financial items.

And if we take the next slide, the same goes for first half. I've touched most of the KPIs and basically same comment also on the financial costs here, that they are slightly higher compared to last year, although we have lower debt.

So we have lower interest, but on the other hand we have no dividends this year from the Total shares expected. Yes, thank you. And I'll start with Ocean. In the second quarter both revenue and profitability grew. This improvement was driven both by higher volumes, increases in freight rates, and very importantly, by improved unit costs as the total, our total cost base was on par with higher loaded volumes and an increase in [indiscernible] bookings.

In the second quarter we launched the Maersk Spot product which new [ph] product that has a fixed commitment on both sides and this is within all in price, fixed at time of booking and this is an important step in the digital journey of the company. We also continue to prepare for the low sulfur fuel regulations starting in January.

We have worked hard and very successful in terms of getting fuel adjustment clauses into all contracts. Now on freight rates, freight rates increased 1. Our average freight rate is of course an average of the trade mix we have between east-west, north-south and intra and where the intra trades have the lowest freight in total amount. Volumes grew 5. This is also part of the explanation why our average freight did not increase as much as the CAC [ph] [indiscernible] which many use as a proxy for our freight rates.

Total volumes increased 1. That means that we are now in this quarter growing largely in line with the market. North American trades were of course impacted by trade tensions and modest growth in the U. In North-South volume was driven. As a mixed bag growth in Africa and west central Asia, but declines in Latin America and also in mainly due to weak market demand.

We did also in the second quarter see good and positive effects from the reorganization that we did at the beginning of the year focusing also on moving and pricing out of regionally which in combination with a strong network operation led to higher volumes. And we had a more stable network in the quarter and that enabled us to take more backhaul volumes which is the main reason for the strong backhaul volume growth.

Now on cost, total operating costs were unchanged as I already said and we saw higher number of slots four five years at partners. Higher network costs from slots out of expenses were partly offset by lower container handling cost and ForEx FX impact.

Container handling costs were positively impacted by lower positioning cost due to high backhaul volumes, lower turnover costs and overall more stable network. Unit cost at fixed bunker improved 3. Bunker cost was unchanged despite an increase in the bunker price of 8. This improved, this is the fact that we could keep the cost stead was that we were able to improve bunker consumption with 7. At the beginning of the year we merged the organization for commercial, both logistics and ocean and this is on track and progressing as planned.

Now I'll move on to supply chain management in particular. Volumes in supply chain management increased slightly. Intermodal revenue was on par positively impacted by increasing volumes and geographical mix negatively impacted by FX. Both volumes and margins decreased in here and sea freight forwarding negatively impacted by weaker demand, but also decisions we have made to exit certain countries. Our EBIT conversion ratio was stable at around 9.

The one-off items and I want to be very clear here, were a number of things, such as some rebate schemes we had to provide for just an important is a bit in New York and some electricity issues we had in Moin [ph] and a few other things, and I want to be very clear when saying that we expected to improve margins in the second half with higher utilization we now have on our terminal network.

We are moving forward with the construction on the remaining three terminal projects we have as planned. Tema in Ghana did become operational in June and will be officially opened later this year and Vado in Italy we expect opening towards the very end of Now digging a little deeper into terminals, we are quite pleased with the volume development, throughput increased 6.

External customers actually grew 7. Revenue per move increased 7. Despite this, earnings declined mainly impacted by lower activities in high margin areas, some one-off items, and FX partly offset by volume increases. And then I'll finish this section with manufacturing. We — mass container industry reported a decline in revenues from to to million it is purely impacted by the fact that we have exited the dry container business and also had lower revenue from the reefer business after the closure of the reefer factory in Chile.

Subsea supply Business segment. And with that, I'll hand over to Carolina, who will talk about the guidance. Yes, then to the guidance for , in A. We expect to see lower rates in the second half of compared to the second half of due to the strong development we saw last year partly driven by an implementation of the emergency bunker fuel surcharges. So we expect on a year-on-year basis that cost will be lower in the second half of in Ocean as highlighted earlier by certain the market development in the first half year has been in line with our expectations, but of course we still see the outlook continues to be a subject to considerable uncertainties due to weaker macroeconomic conditions and other external factors.

We still expect high cash conversion in as well. Question-and-Answer Session. Thank you. Please go ahead, your line is open. Oh good morning thank you. Is overseas still a long way below the 7. Okay, so we'll start with the first question, then on ROIC. We are happy with the improvement, but not satisfied and I think that's also why we have added the cash ROIC measurements to our transformation KPIs where you can see that we are almost on seven compares to a negative minus 1.

So I mean the practicality of it is we still have big Ocean business so that needs to continue to performance and we need to keep the capital discipline in the Ocean. So I mean, those are our main ways forward and that is how we see our road coming to our targeted 7. And do you see the buildup of logistics as involving some quite sizable acquisitions or do you think it is just going to be a series of further small bottoms?

Well, I would say that considering the size of our Ocean business and us wanting to have a more balanced picture, I would say we will have serial of small acquisitions, but also over time a couple of medium ones as expected. Okay, thank you. And my second question was on CapEx obviously. How long do you think you can keep it under that sort of replacement level if that's the best way to describe it?

And if you took a kind of five-year view, where do you think it would stand against depreciation? Well, I would say, the guidance that we have is for this year, and as of next quarter we will be able to say more about But of course, my strong intention is that we continue on a good trajectory when it comes to CapEx, and I think after that we will take it as it comes.

So I don't want to give over the cycle view on that. Maybe I could just add to that. There is a reason for why we have this cash return on invested capital as one of our transformation metrics, because that will force a lot of CapEx discipline. Also, a question regarding the non-Ocean parts. You mentioned in the presentation that you have been seeing a reduction in volumes both in sea and air [ph], but as far as I can see you also seeing quite a bit of reduction in the yields both in Ocean and in air.

I'm just wondering how or what is the reason for this, because this is a trend that has been going on now for a number of quarters and it doesn't really coincide with what we see from some of the other freight forwarders out there? That's the first one. We have also - I think we have also taken some various debt provisions and things like that are impacting the numbers. The second one is regarding the Ocean part. If you take the nominal capacity that you have reported by the end of the quarter, it's up by 2.

Most of that increase, as far as I can see still is caused by you taking in more charter capacity. Could you elaborate a little bit about sort of your capacity plans? You have previously stated that you want to keep capacity flat, which probably means that you need to get rid of some capacity that needs to - you have need to obtain that target for the full year.

And how you think about that increase in capacity and the impact into Q3 and Q4? Yes, we have a - we have said and still absolutely also mean that we want to be around 4 million TEU of deployed capacity. Right now, we have invested and we are meeting some extra challenge because we have a number of ships out in shipyards for retrofitting of scrubbers. And we also have invested a little more in - in slow steaming, invested a little more capacity and slow steaming this year.

That's why the number - the absolute number is a little bit up. But - but, we absolutely want to remain disciplined on capacity and have - stick to our guidance of around 4 million TEU of deployed capacity because it helps us drive utilization up and unit cost down. So there is no change in that. And then the last one is still a little bit maybe regarding the capacity developments, because I assume that part of the reason for the very significant improvement in the bunker efficiency that we have seen in the last two quarters, is probably caused by the reductions that we've seen chartered capacity, which means you have more owned vessels normally larger and more efficient in terms of fuel, but the ramp up that we have seen now here in terms of chartered capacity, how will that impact your efficiency on bunker and also on the costs going into the second half?

We expect to continue to improve fuel efficiency. There are many actually leave us to that that are important one. One is of course speed of the network and in the past couple of quarters, we have been able to significantly improve the stability or reliability of the network and that means that we are - when the ships are on time, they - they spend less periods where they have to speed up in order to meet port days or deadlines and that's very good for fuel efficiency.

There is also, of course, the structural speed reduction was slow steaming that also improves fuel efficiency. But it's, there are many, many factors that go into this and we manage, of course, also the charter ships as much as we possibly can doing everything we can to make sure that they don't use more fuel than what is needed.

So this is a good handful of different levers that we are applying to improve fuel efficiency and it is even more important as is looming because the best thing we can do in terms of mitigating the impact of that is of course is to use less fuel. Next question is from David Kerstens from Jefferies.

Please go ahead, your line is now open. Thank you very much. Good morning, everybody. When would you feel comfortable to lift that number closer to the original target of 5 billion, now that your balance sheet has deleveraged quite substantially and your free cash flow is strongly improving and also credit rating outlook that is now stable?

That's my first question, please. It was mainly because of the uncertainty around IMO that you keep it at a relatively lower rate for the moment? Well, I would stick sort of to the answer I said in the last quarter, we will come back with that. And then the second question, maybe can you quantify the working capital impact that you anticipate in the second half of the year from the higher priced bunker purchases? Of course, I wish I could, but I don't know what the price would be on the bunker.

So I can't. But we - I mean we see big spread, so we see things changing. But what it really will be - I mean that will be the day when we actually buy it. As this is such a big change we don't want to speculate in it and count, but we are prepared for it and we are also both sort of operationally prepared for it, but we're also prepared for it that will take up some of our working capital capacity. Maybe a final question if I may, on trade land.

When do you see the benefits of this initiative coming to or is mainly benefits for your customers or will it also eventually lead to higher volumes, similar to what you pointed out in your introduction earlier in the call? Yes, we are building, if you will - the platform and the network, the ecosystem on the trade lanes platform.

May be it was a very important step to get commitments from some of the largest carriers in the world to join the platform because without the data from the carriers, the platform will not be interesting for the customer. So now towards the rest of this year we'll do the work to actually get these carriers on board. We are at the same time building the platform with the land side participants container terminals, container trucker rail - rail roads and - and so on, so that we get as much of a network coming as many participants as possible.

The concept for trade lanes is that the shippers will be the customers of trade lanes. So the revenue model will be that shippers will be paying - will be paying for access to all the data on the shipments and we have today around 8 customers, all of them big name companies that of course our pilot customers are interested in the new platform because they think it can help to manage their supply chain, improve visibility make it more efficient and so on.

So that's where we are. We are building towards trade lanes - trade lanes becoming a business in it's own right as if you will, and Internet of trade. Yes, good morning and congratulation with the strong results for the quarter. I just want to touch a little bit on guidance.

You are guiding - more or less a flat result, first half, second half. Normally, we will see a stronger second half. Could you elaborate a little bit of how you see the high season develop and the reason for the flat guidance? Well, thank you for the congratulations. As to our guidance, well, we have maintained the guidance on around 5 and if I look at the second half of '18, we had very strong improvements in the freight rates and the financials compared to the first half of the year like you said.

And therefore, we do have pretty tough comps to bit, and I would say the public freight rates indexes have not really shown that strength in July versus last year and also last year, we were really positively affected by this emergency bunker surcharge really coming into effect in the second half. So I mean there is a possibility that the freight rates in the second half of '19 will be lower than they were second half of '18 right?

And then we have the macroeconomic environment. Well, it didn't improve in Q2 and we continue to see significant uncertainties even coming into the peak season and then we have, of course IMO which will also - well is a question mark I would say. But, I would say in general consumer confidence remains high, but well business confidence has continued to weaken and especially in the manufacturing sector is on.

Bunker price fluctuations as well - Do you have seen it, so I would say the bunker price is down, but the fluctuations remain high and it's very difficult for us to predict. So with that, and also the IMO, including the fact that would have sort of on us we still stick to our guidance for the full year. And then just one question regarding the Q2.

I understand there is a currency effect, could you give us just tell what's that's in US dollar? And the second to the Q2 result. If you would say you started result that reflecting that All-Stars was aligned in your favor in the quarter. How would you describe the second quarter performance? So that didn't have a big effect on us. And I would say for the second quarter, I mean we improved what we could control and we improve that in a good way. So I don't think we can say that, that is all just us in the right direction.

I mean, maybe I can just add here Finn, that we have all — all throughout this year, we have been planning for a low growth type of senari, we have all all throughout this year, we have been planning for a low growth type of scenario. And we said we are not going to grow our capacity, our ambition is to grow more or less in line with the market for the year.

And if you look at what happened in the second quarter, most of the improvement in my view is factors we have controlled our self. Does my organisation subscribe? Group Subscription. Premium Digital access, plus: Convenient access for groups of users Integration with third party platforms and CRM systems Usage based pricing and volume discounts for multiple users Subscription management tools and usage reporting SAML-based single sign-on SSO Dedicated account and customer success teams.

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