OSLO, Nov 2 (Reuters) – Maersk on Wednesday warned of slowing demand in the transport and logistics sector amid a global recession and lowered its forecast for container demand this year, despite beating its third-quarter earnings forecast.
“It is clear that freight rates peaked and began to normalize in the quarter, driven by both lower demand and supply chain debottlenecking,” said general manager Soeren Skou in a statement.
Maersk now expects global container demand to decline by 2-4% this year, driven by an economic slowdown that is expected to continue through 2023. Its previous forecast called for the outcome to be in the lower end of a range. ranging from minus 1% to plus 1%.
Soeren Skou told Reuters in September he expected ocean freight volumes to be flat or lower this year, although congestion persists in ports and global supply chains.
Maersk’s earnings before interest, taxes, depreciation and amortization (Ebitda) reached $10.86 billion (€10.98 billion) in the June-September period, from $6.94 billion a year ago. is a year old, surpassing the $9.78 billion forecast by analysts in a survey provided by the company.
Revenue increased 37% to $22.77 billion.
The company renewed its forecast for underlying Ebitda of around $37 billion this year.
The Maersk title has fallen 35% since January 13, after reaching a record 24,920 crowns (3,348.35 euros). (Reportage Victoria Klesty, French version Augustin Turpin, edited by Kate Entringer)