Maersk Says June Cyberattack Will Cost It up to $300 Million

Maersk Says June Cyberattack Will Cost It up to $300 Million

By
Christian Wienberg
  • Company had net loss last quarter after tankers unit writedown
  • Maersk keeps guidance as underlying industry outlook ‘healthy
  • David Kerstens, an equity analyst at Jefferies, said the fact that Maersk Line reported its first profit in five quarters shows that “fundamentals in container shipping continue to improve,” according to a note. Kerstens is among analysts advising clients to buy. Clarksons has a neutral rating on the share.Frode Morkedal, the managing director of Clarksons Platou Securities, said the report was “slightly on the negative side, but we find solace in their positive market comments,” in a note to clients. Of the 31 Maersk analysts tracked by Bloomberg, 15 are telling investors to buy the stock, 12 suggest holding on to it, and four say clients are better off selling.
    In an interview with Bloomberg Television, Chief Executive Officer Soren Skou said the industry outlook was bright, despite the disruptions of cyberattacks and writedowns. Management at the Danish company sees “very healthy fundamentals” for container shipping, Skou told Bloomberg’s Matt Miller and Guy Johnson.
    The announcement was made in connection with second-quarter earnings, which showed Maersk missed analyst estimates after taking a writedown at the tankers unit that’s part of the energy business management has said it wants to get rid of.
    A.P. Moller-Maersk A/S said a cyberattack that hit the owner of the world’s biggest container shipping company at the end of June will wipe as much as $300 million off profits in the third quarter.
            

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