
<p>Report by Sam Meredith</p>



<p><strong>Key Points</strong></p>



<ul class="wp-block-list"><li>A.P. Moller-Maersk said its idle fleet made up 9.4% of its total capacity at the end of the first quarter. That’s the firm’s highest level of idled fleet capacity in more than 10 years.</li></ul>



<ul class="wp-block-list"><li>It comes as the company reported first-quarter revenue of $9.57 billion, largely in line with analyst expectations. It reported first-quarter revenue of $9.54 billion a year earlier.</li></ul>



<ul class="wp-block-list"><li>Shares of the A.P. Moller-Maersk slipped almost 6% during morning deals.</li></ul>



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https://www.youtube.com/watch?v=k-GLgYX965g
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<p>Shipping giant A.P. Moller-Maersk on Wednesday warned of a sharp contraction in container demand over the coming months, citing the “profound impact” of the <a href="https://www.cnbcafrica.com/videos/2020/05/11/jse-unveils-relief-measures-for-business-in-distress/">coronavirus pandemic</a> on <a href="https://www.cnbcafrica.com/videos/2020/05/05/covid-19-what-the-world-can-learn-from-africa-in-dealing-with-a-pandemic/">global trade</a>.</p>



<p>“Our expectation is that we will see <a href="https://www.cnbcafrica.com/east-africa/2020/05/11/covid-19-lack-of-freight-holds-back-kenyas-flower-industry/">demand</a> significantly down in the second quarter, maybe as much as 20% to 25%. But, we will also match that on a one-to-one basis with reductions in capacity,” Soren Skou, CEO of A.P. Moller-Maersk, told CNBC’s “Squawk Box Europe” on Wednesday.</p>



<p>“It helps continue to serve the customers but also to take out a lot of costs and keep our pricing stable,” he added.</p>



<p>The world’s largest container shipping company said it expects 2020 to be a “challenging year,” with demand expected to decrease across all business in the second quarter.</p>



<p>In an effort to offset a slowdown in global trade, A.P. Moller-Maersk said it had canceled more than 90 sailings, or 3.5% of total shipping capacity, in the first three months of the year.</p>



<p>It expects close to 140 sailings to be canceled in the second quarter.</p>



<h2 class="wp-block-heading">Blank sailings</h2>



<p>The company said the combination of a fall in demand and increased uncertainty about the future, following the emergence of the Covid-19 crisis, had led to suspensions and so-called “blanked sailings” in the first quarter.</p>



<p>A blank or void sailing is a sailing that has been canceled by the carrier.</p>



<p>A.P. Moller-Maersk said its idle fleet made up 9.4% of its total capacity at the end of the first quarter. That’s the firm’s highest level of idled fleet capacity in more than 10 years.</p>



<p>When asked whether idled fleet capacity could increase even further in the second quarter, Skou replied: “I would expect that if we actually see a further drop in demand then the idle fleet, for sure, will increase as we adjust the network size to ensure that we continue to have a high utilization and take out as much costs as we possibly can.”</p>



<p>It comes as the company reported first-quarter revenue of $9.57 billion, largely in line with analyst expectations. It reported first-quarter revenue of $9.54 billion a year earlier.</p>



<p>Meanwhile, earnings before interest, tax, depreciation, and amortization (EBITDA) increased 23% to $1.52 billion over the first three months of the tear, slightly above company guidance provided in March.</p>



<p>Shares of the A.P. Moller-Maersk slipped almost 6% during morning deals.</p>



<p>This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/13/coronavirus-ap-moller-maersk-has-idled-almost-10percent-of-its-fleet.html">https://www.cnbc.com/2020/05/13/coronavirus-ap-moller-maersk-has-idled-almost-10percent-of-its-fleet.html</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


COVID-19: World’s largest shipping firm expects 25% drop in container demand

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<p>The economic recovery of African economies post-Covid-19 will be slow but can be achieved with new ways of supporting intra-African trade instead of relying on global supply chains; as well as businesses adapting to new consumer behaviour patterns and digital transformation. Joining CNBC Africa for more is Clement Chinaka, Managing Director for Old Mutual Rest Of Africa.</p>


How African economies will reawaken from the COVID-19 nightmare

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<p>The South African Future Trust Fund started by Nicky and Jonathan Oppenheimer to provide financial relief on small businesses during the Covid-19 lockdown has been exhausted. The fund has approved loans for 12,000 small businesses after receiving about 38,000 applications. Jonathan Oppenheimer joins CNBC Africa for more.</p>


Billionaire Jonathan Oppenheimer gives update on COVID-19 relief fund

Oppenheimers’ billion rand for SA’s small businesses has been distributed

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<p>As the Covid-19 outbreak continues to rise across Africa, a former President of Ghana John Kufuor says fulfilling Africa&#8217;s future agenda will require a transformation on the value our societies place on knowledge and expertise and in how we communicate and interact with one another. He also notes that Africa needs a clear determined strategy to support public interest media. He joins CNBC Africa&#8217;s Kenneth Igbomor to share more insight on this discussion&#8230;.</p>


John Kufuor: Africa faces triple jeopardy with COVID-19

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<p>South Africa’s government needs to step on the accelerator and speed up the phased restart of the economy from Covid-19 lock-downs to minimise hardship, hunger and desperation. That’s the view of business alliance group, Business for South Africa. The business group says failure to speed up the return to normal activity could in fact weaken the country’s ability to fight the impact of the coronavirus pandemic. Cas Coovadia, CEO of Business for South Africa joins CNBC Africa for more.</p>


COVID-19: Cas Coovadia on why govt. should rethink its strategy on reopening the economy

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<p>Pick and Pay was not the grocer of choice on the stock market today with the share price tumbling over 13 per cent after it reported a drop in annual profits, mainly due to challenges in Zimbabwe and Zambia. The retailer also said it would defer its annual dividend to preserve cash due to the complexities of Covid19. Pick n Pay CEO, Richard Brasher joins CNBC Africa for more.</p>


Pick and Pay eyes further expansion for Boxer stores

Pick n Pay eyes further expansion for Boxer stores

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<p>Tongaat Hulett’s race to cut its debt by R8.1 billion in 2021 may have hit a stumbling block. The shares of the embattled sugar producer tanked 15 per cent today after it said the R5.3 billion sale of its starch business to Barloworld had reached a stalemate over differences on how Covid19 may impact future profits. The proceeds from the sale of the business were earmarked to lower Tongaat’s debt, which significantly exceeds it market value. Tongaat CEO, Gavin Hudson joins CNBC Africa for more.</p>


Tongaat won’t let starch business go on the cheap

Tongaat won’t let starch business go on the cheap, here’s why

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<p>This morning a new directive was released by the Rwanda Development Board to all hospitality establishments requiring them to register any customers entering their premises.</p>


COVID-19: Rwanda issues directive for restaurants to register customers for service

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<p>Last night during a televised interview, Ugandan President Yoweri Museveni addressed concerns around Covid-19, touching on topics such as the upcoming elections and the country&#8217;s economic performance amid the virus. CNBC Africa spoke to Analyst and Chief Strategist at Impact Communication Strategies, Kenneth Agutamba for more.</p>


Uganda considers postponing presidential elections due to Covid-19

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<p>Nigeria’s heavy reliance on foreign imports for construction materials means that its real estate sector’s recovery is hinged on the opening up of global supply chains that&#8217;s according to a report by Estate Intel. The company&#8217;s CEO Dolapo Omidire, joins CNBC Africa to discuss the impact of the COVID-19 outbreak on Nigeria’s Real Estate Sector.</p>


The impact of COVID-19 on Nigeria’s real estate sector

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<p>Reported earnings from companies on the BRVM Stock Exchange have been largely mixed. Myriam Ouattara, Portfolio Manager at EDC Asset Management joins CNBC Africa to breakdown some of these results.</p>


How BRVM companies performed amid the COVID-19 crisis


<p class="has-text-align-center"><strong>Kickstarting SA&#8217;s tourism businesses </strong></p>



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/mon37Nc7Wqw" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>



<p>One in 22 working South Africans is employed in the tourism sector. It directly contributes 2.9% to the country’s gross domestic product. In 2017 tourists&nbsp;spent just over half a million rand&nbsp;<em>every minute</em>&nbsp;or R277&nbsp;billion for the entire year in South Africa, according to Stats SA. All this has changed with COVID-19 and lockdown. The industry has been brought to a virtual standstill. But as the country has entered phase 4 of lockdown what measures and funding are in place to help kick-start the tourism industry? Is it enough? Find out on this riveting #BusinessTomorrow Zoom virtual panel discussion.</p>



<p class="has-text-align-center"><strong>Date: 12th May 2020</strong></p>



<p class="has-text-align-center"><strong>Time: 2pm CAT </strong></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="581" src="https://www.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Speakers_Facebook-and-LinkedIn_x4-1-1110x581.png" alt="" class="wp-image-370813" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Speakers_Facebook-and-LinkedIn_x4-1-1110x581.png 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Speakers_Facebook-and-LinkedIn_x4-1-300x157.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Speakers_Facebook-and-LinkedIn_x4-1-768x402.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Speakers_Facebook-and-LinkedIn_x4-1-696x364.png 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Speakers_Facebook-and-LinkedIn_x4-1-1068x559.png 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Speakers_Facebook-and-LinkedIn_x4-1.png 1200w" sizes="auto, (max-width: 1110px) 100vw, 1110px" /></figure>



<p>Speakers<br><br>Sisa Ntshona, CEO of South African Tourism<br><br>Don Scott, Owner of Tanda Tula</p>



<p>Tshifhiwa Tshivhengwa, CEO of Tourism Business Council of South Africa</p>



<p>David Frost, CEO, SATSA<br><br><br><strong>TOPICS COVERED</strong></p>



<ul class="wp-block-list"><li>Funding options for B&amp;Bs, small, medium and large businesses operating in the tourism sector during times of lockdown and COVID-19</li><li>How to access the funding</li><li>Is it enough?</li><li>What measures are in place to help tourism businesses survive?</li><li>Rebuilding your tourism business for tomorrow</li></ul>


The 4 most under-reported stories on the COVID-19 pandemic

COVID-19: How to kick-start SA’s small, medium & large tourism businesses

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<p>The World Bank says it expects global remittances to drop by 20 percent this year, over the economic crisis brought about by shutdowns initiated to contain the COVID-19 pandemic. Michael Kent, Founder and CEO of Azimo joins CNBC Africa to discuss the implication for sub-Saharan Africa.</p>


How COVID-19 impacts SSA remittances

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<p>CNBC Africa is joined by medical doctor Tshidi Gule who is currently treating Covid-19 patients in isolation hotels in South Africa. She talks about the myths and fears around testing for the virus and her journey being at the forefront of the fight against Covid-19.</p>


Debunking COVID-19 testing myths with a medical doctor

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<p>Sharply declining numbers of tourists amid COVID-19 travel restrictions are forcing hospitality facilities in Kenya to suspend operations. Jimi Kariuki, Managing Director of Sarova Hotels and Resorts spoke to CNBC Africa on the state of hospitality in the country.</p>


Sarova Hotels on how COVID-19 is impacting of Kenya’s hospitality industry


<p>President Ramaphosa should be highly commended for his decisive leadership and rapid action at the start of the coronavirus crisis. The response from government at that time is precisely what anyone could have hoped for – following consultation with medical experts and with due consideration to scientific analysis and global best practice, a strict lockdown was implemented in order to stem the spread of the disease. This was a brave decision given that so much was unknown about this virus at the time, however concern is rapidly growing around the severity and duration of the lockdown, particularly as new data and insights into this virus emerge.</p>



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<p></p>



<p>The stark reality is that South Africa simply cannot afford an extended lockdown period. We do not have the financial muscle deployed by developed nations to mitigate the negative economic consequences of an extended lockdown, especially following more than a decade of rampant looting of state resources. There also seems to be an automatic assumption that big business will bear the brunt of the economic crisis – we are expected to keep paying salaries, to keep paying taxes (although deferred to assist with immediate cashflow challenges), to keep paying rentals, and to keep servicing loans. How is that possible when we are not allowed to generate revenue? Business has been forced to navigate a torrid operating environment over the past decade and many have experienced significant capital erosion. An extended lockdown period will be the final nail in many coffins and we’re already witnessing the agonising demise of some of South Africa’s best-known companies. If this trend continues, there will be little left to save by September.</p>



<p>It may seem callous to call for a return to business when it may result in further infections and deaths, however this is not a case of prioritising profits over lives. If SA hopes to rebuild any form of economy following this pandemic, we will need a strong and cooperative business sector. Government can neither manage this crisis on their own nor rebuild the economy and create jobs following it. However, the long-term sustainability and needs of big business is conspicuously absent from the current presiding narrative.</p>



<p>It would be expected that the medical professionals advising government would be biased toward the preservation of life and whilst their perspective is invaluable, it needs to be balanced with a view toward the long-term prosperity of our nation. The latest research and statistical analysis indicates that far more people may lose their lives as a result of the humanitarian crisis created by the lockdown than from the virus itself. The concern at this stage therefore goes far beyond business sustainability but also extends to our national ability to maintain social order and mitigate the catastrophic impacts of the lockdown. Business has a duty of care and stewardship toward the society in which we operate but we cannot exercise that duty if our voices are not heard or our sustainability concerns addressed.</p>



<p>The unfortunate truth is that there are many things that kill South Africans every year, not least of which is TB – a completely curable disease that kills approximately 3000 South Africans every month (compared to 161 CV-19 deaths during the past two months). A tragic consequence of the attention being focused on this novel disease, is the stigma that inevitably follows it, and there are now reports of TB and HIV patients who have stopped visiting local clinics to collect their TB and HIV medications, for fear of being stigmatised as COVID-19 cases. Whilst the coronavirus <em>might</em> kill you, TB <em>will </em>kill you if left untreated. If the intention is really to save lives, there are numerous initiatives that could do that without destroying the entire economy.</p>



<p>It is still completely unknown how severely South Africa may be impacted by COVID-19. Everything that’s been done to-date has been based on modelled projections of what could happen. Those models are based on data from other countries which are significantly different to South Africa. We simply don’t know if our climate, National Routine Immunisation Schedule, or any other factor may have a mitigating effect. What is clear is that the actual death rate has been substantially lower than previously predicted. The claim that this was because of the severity of the lockdown seems unlikely, as it is fairly apparent that social distancing is not being adhered to in most parts of the country with extensive queueing and crowding happening every day as an increasingly desperate populace attempts to collect grants or secure a meal.</p>



<p>The data being disseminated globally, and which likely informs the thinking of our national advisors, is also horribly skewed in order to support a particular narrative. Whilst total death rates are constantly updated and serve to strike fear into our hearts, it has now emerged that less than 3% of all deaths in the USA and Italy could be directly attributed to COVID-19. The other 97% of patients already had at least one severe co-morbidity which may have resulted in death anyway. Whilst 270&nbsp;000 people have died from COVID-19 globally (including the 97% who had pre-existing conditions), it may surprise you to learn that around 18 million die every year from cardiovascular diseases (albeit non-communicable) and 1.2 million from the worst infectious disease, tuberculosis (TB). It begs the question as to whether the global response, based on projections of a worst-case scenario, has been proportionate to the actual risk and observed impacts to-date.</p>



<p>It is expected that a vaccine, if it is even possible to create one, will take at least another 18 months. There is no country that will be able to enforce a lockdown for that long. Lockdowns will not eradicate the virus, so we already have to accept that countries will start opening their economies while this virus is still around. Given that we are not investing in new healthcare infrastructure that requires long build times, we have to accept that we are as prepared as we can be for the inevitable spike in cases. There is no point in delaying the inevitable any longer whilst the economy crumbles and our people starve.</p>



<p>Government urgently needs to engage business as partners in this crisis. A key issue with respect to a continued lockdown is the extent to which testing has been done. With relatively few tests completed and a slowing of the government testing rate, we do not have a sufficiently broad and deep data set to understand how and where the disease is spreading in the country. In the absence of such data, a national lockdown becomes the only blunt instrument at the disposal of government to curtail the spread of the infection. Allow business to return and shift the responsibility of testing every employee onto the private sector – it is in the interests of business to ensure we have healthy employees and the exponential growth in the data set will be invaluable for government decision-making.</p>



<p>With some questionable decisions being made and confidence in government waning &#8211; the obscure National Command Council and its lack of transparency around regulatory decisions has not helped in that regard – it is very quickly approaching a situation where large-scale State violence will be required in order to enforce the lockdown regulations. This is perhaps why the decision was taken to deploy more than 73&nbsp;000 additional soldiers in our streets. Given our history in this country and our hard-fought democracy, can we really accept that more people may die from hunger and State violence to enforce the lockdown, than may actually die from the virus?</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Here’s how to apply for SA’s COVID-19 loan guarantee scheme

Op-Ed: South African businesses call for urgent end to lockdown

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<p>The Democratic Republic of Congo Mining Week was slated to be held in June; now because of the global pandemic, the date has been postponed to a hopeful October 7th, 2020.</p>


Newsletter

COVID-19: World’s largest shipping firm expects 25% drop in container demand

How African economies will reawaken from the COVID-19 nightmare

Oppenheimers’ billion rand for SA’s small businesses has been distributed

John Kufuor: Africa faces triple jeopardy with COVID-19

COVID-19: Cas Coovadia on why govt. should rethink its strategy on reopening the economy

Pick n Pay eyes further expansion for Boxer stores

Tongaat won’t let starch business go on the cheap, here’s why

COVID-19: Rwanda issues directive for restaurants to register customers for service

Uganda considers postponing presidential elections due to Covid-19

The impact of COVID-19 on Nigeria’s real estate sector

How BRVM companies performed amid the COVID-19 crisis

COVID-19: How to kick-start SA’s small, medium & large tourism businesses

How COVID-19 impacts SSA remittances

Debunking COVID-19 testing myths with a medical doctor

Sarova Hotels on how COVID-19 is impacting of Kenya’s hospitality industry

Op-Ed: South African businesses call for urgent end to lockdown

Covid-19 takes a dig at DRC mining plans

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Newsletter

COVID-19: World’s largest shipping firm expects 25% drop in container demand

How African economies will reawaken from the COVID-19 nightmare

Oppenheimers’ billion rand for SA’s small businesses has been distributed

John Kufuor: Africa faces triple jeopardy with COVID-19

COVID-19: Cas Coovadia on why govt. should rethink its strategy on reopening the economy

Pick n Pay eyes further expansion for Boxer stores

Tongaat won’t let starch business go on the cheap, here’s why

COVID-19: Rwanda issues directive for restaurants to register customers for service

Uganda considers postponing presidential elections due to Covid-19

The impact of COVID-19 on Nigeria’s real estate sector

How BRVM companies performed amid the COVID-19 crisis

COVID-19: How to kick-start SA’s small, medium & large tourism businesses

How COVID-19 impacts SSA remittances

Debunking COVID-19 testing myths with a medical doctor

Sarova Hotels on how COVID-19 is impacting of Kenya’s hospitality industry

Op-Ed: South African businesses call for urgent end to lockdown

Covid-19 takes a dig at DRC mining plans

News Tips

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