Shipping group A.P. Moller-Maersk warned on Friday of a steeper decline in global demand for shipping containers by sea this year prompted by muted economic growth and customers reducing inventories.
FILE PHOTO-Signage is seen at the Maersk offices in Copenhagen, Denmark, July 30, 2022. REUTERS/Andrew Kelly/File Photowarned on Friday of a steeper decline in global demand for shipping containers by sea this year prompted by muted economic growth and customers reducing inventories.
Maersk, one of the world's biggest container shippers with a market share of around 17%, transports goods for retailers and consumer companies such as Walmart, Nike and Unilever. Maersk posted record earnings last year due to high freight rates caused by high consumer demand and pandemic-related log jams at ports. But freight rates have tumbled this year amid a global economic slowdown.
Earnings before interest, tax, depreciation and amortisation fell to $2.91 billion in the quarter from $10.3 billion a year earlier, beating analysts' expectations of $2.41 billion in a Refinitiv poll. Revenues fell 40% to $13.0 billion.
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