Ocean's better, logistics worse as Maersk faces uncertain outlook
Maersk reported a 20.6% increase in revenues in 4Q 2018 which included a mixture of better shipping rates and first time inclusion of Hamburg Sud. Global volumes excluding Hamburg Sud actually fell slightly despite strength in the U.S.-inbound business which saw a 13.0% year over year rise in Maersk Line volumes and 20.0% for Hamburg Sud.

Yet, growth will likely slow rapidly – indeed, U.S. volumes fell 0.8% year over year in January. CEO Soren Skou has flagged "considerable uncertainties" for 2019 due to the risk of "further restrictions on global trade" as well as raising concerns about EU-U.S. trade talks.

Improved profitability, shown by an EBITDA margin that rose to 11.2% from 10.3% a year earlier, masks a decline in the margin at the Logistics & Services operation to a loss of 0.1% from a profit of 2.2% a year earlier. A recovery in the latter will require successful delivery on the firm’s strategy of providing end-to-end logistics offerings to customers. Maersk has already started a mixture of internal restructuring and acquisitions to that end.