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Danish shipping and logistics group AP Moller-Maersk, known as Maersk, today reported a significant drop in profit for the last quarter of 2023, reported, citing BTA.
In this year too, the company expects its profit to be significantly lower than in 2023. Among the reasons for this forecast is the oversupply of sea transportation of cargo containers, Maersk points out. This comes despite problems facing merchant shipping due to ongoing attacks on ships in the Red Sea by the extremist Islamist Houthi movement in Yemen.
The Danish shipping company expects its earnings before interest, tax and depreciation (EBITDA) to reach between $1 billion and $6 billion in 2024, up from $9.6 billion in 2023. In the final three months of last year, it reached 839 million dollars. This represents a significant decline from the $6.54 billion reported in the same period (October-December) of 2022.
Analysts had expected Maersk’s fourth-quarter 2023 earnings before interest, taxes, depreciation and amortization to reach $1.13 billion.
Against this backdrop, the company’s share price fell by 12.98 percent as of 12:00 p.m.
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