Breakingviews – Maersk’s cash machine is economic storm warning
Shipping giants are sending out an unlikely warning signal about the global economy. Danish behemoth A.P. Moller-Maersk said on Tuesday it would probably land a whopping $37 billion of EBITDA this year due to sky-high freight rates. The trouble is its valuation gives minimal credit to what lies beyond the immediate horizon, implying stormier seas ahead.