Shipping giant Maersk warns of profit slump as post-Covid boom comes to an end

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 complete by the end of the first half [of 2023], leading to a more balanced demand environment,” the company said in a statement.

Revenue in the fourth quarter of 2022 slumped 3.8 per cent to $17.8bn due to the number of containers loaded onto ships decreasing by 14 per cent, while underlying EBITDA went down 17.7 per cent to $6.5bn.

According to Maersk, global container demand will shrink between -2.5 and 0.5 per cent as global GDP growth “remains muted.”

“As we enter a year with challenging macro-outlook and new types of uncertainties for our customers, we are determined to speed up our business transformation and increase our operational excellence to seize the unique opportunities in front of us,” said chief executive Vincent Clerc.

The chief executive made the headlines in December when he was appointed to the top job after previously guiding its ocean and logistics operations. 

Cler – who replace long-term boss Soren Skou – was considered by Maersk’s board as the perfect person to guide the company amidst a turbulent period.