Maersk: the coming recession will negatively affect the shipping industry

Today, November 2, the world’s largest sea container carrier, the Danish company Maersk, reportedthat in the third quarter it received a net profit of $ 8.9 billion, which is 65% more than a year earlier and above analysts’ forecasts. The company also reaffirmed its full-year 2022 EBITDA guidance at $37 billion.

Describing the current situation in the industry, Maersk said that thanks to the recovery in international trade, it is getting “exceptional results” this year. “However, it is clear that freight rates have already peaked and have begun to normalize during the third quarter due to lower demand and stabilization of supply chains. Therefore, as we expected this year, revenue figures will continue to decline,” Maersk noted.

The Danish company also warned that the conflict in Ukraine, the energy crisis in Europe, high inflation and the coming global recession “have many clouds on the horizon.” “This will affect consumer activity, which, in turn, will affect international transportation and demand for logistics services. As we anticipate a slowdown in the global economy, this is bound to affect shipping, so we have already begun to consider how to re-engineer our supply chains to weather a more volatile market,” Maersk said.

Investors reacted negatively to the company’s pessimistic forecast: Maersk shares fell 6% after the publication of financial statements.

Evgeniy Khvostik