Shipping giant Maersk warns of profit slump as post-Covid boom comes to an end Container demand down Maersk has shrunk its profit expectations for 2023 as volumes and freight rates normalise after two booming years. The shipping giant announced today it expects its underlying EBITDA to be between $8bn (£6.6bn) and $11bn – 78 per cent down on last year’s $36.8bn. “Guidance is based on the expectation that inventory correction will be [...]
Maersk appoints logistics boss Vincent Clerc to top job NEW BOSS Maersk has appointed shipping veteran Vincent Clerc to the top job as outgoing boss Soren Skou stepped down after over six years at the company’s helm. Chairman Robert M. Uggla said Clerc – who has led Maersk’s ocean and logistics branch since 2019 and will take over from Skou on 1 January – was the [...]
Maersk warns about future impact of China’s lockdowns despite record quarter Maersk Maersk has warned about the impact of China’s current lockdowns on its future performance, despite reporting record quarterly profits. “Further challenges arise from the ongoing Covid-19 lockdowns in China, and while the impact on the first quarter is limited, it may worsen the congestion environment in coming quarters as the situation develops,” the company said [...]
Maersk raises guidance after record profits but warns boom will die down later April 26, 2022 Maersk announced today it was raising its guidance for the year after it posted record profits for the first quarter. In the last three months, the group’s revenues went ahead of expectations to $19.3bn, while Maersk’s EBITDA amounted to $7.9bn. As a result of a 71 per cent increase in freight rates, the logistics giant [...]
Maersk follows MSC and halts cargo bookings in Russia March 1, 2022 Logistics giant Maersk has followed in MSC’s footsteps and decided today to halt all cargo bookings to and from Russia. Maersk said yesterday it was considering whether to halt suspend all container bookings in Russia, following the set of restrictions imposed by the EU on Sunday night. “We are closely following the ever-evolving situation with [...]
Maersk considers suspending container bookings to Russia February 28, 2022 Logistics giant Maersk said today it is considering whether to suspend all container bookings to and from Russia following the set of restrictions imposed yesterday by the EU. A land and ocean suspension of operations is among the sanctions under review. The group said it was closely monitoring the situation while it safeguards “our operations [...]
Meet WasteFuel, the company helping Maersk achieve its decarbonisation goals February 5, 2022 Shipping giant Maersk has recently made industry headlines when it announced it had decided to anticipate its net-zero deadline by a decade. Maersk, the second largest shipping operator in the world, announced in January it would become net-zero by 2040, a decade before its original target. Instead of complying with the International Chamber of Shipping’s [...]
Maersk to become net zero by 2040, a decade before the initial target January 12, 2022 Shipping giant Maersk has announced that, alongside its whole supply chain, it will become net zero by 2040, 10 years before the initial 2050 target. To dramatically cut its environmental impact, Maersk has set both near and medium-term targets, including a 50 per cent reduction in emissions per transport container as well as 70 per [...]
Maersk to buy Hong-Kong LF Logistics for $3.6bn December 22, 2021 Shipping giant Maersk has agreed to buy Hong-Kong logistics company LF Logistics for $3.6bn. The deal, all-cash and one of the biggest ever made in Maersk’s history, will help the Copenhagen-based company expand its reach and capabilities in the Asia Pacific region. “With the acquisition of LF Logistics, we add critical capabilities in Asia Pacific [...]
Shipping delays will continue into next year, Maersk warns November 2, 2021 The supply chain crisis will extend into next year, Maersk has warned today while the the world’s largest container shipping group sees profits rise. A shortfall in the number of truck drivers, particularly in Britain and the US, has stopped hundreds of container vessels from being able to deliver goods around the world, the group [...]