World News
Maersk Raises 2023 Earnings Forecast, But Expects Sharper Fall in Global Container Shipments
Container shipping and logistics firm AP Moller-Maersk, the world's second-largest container line, has increased its EBITDA forecast for the year while predicting a sharper decline in global container volumes.
The firm saw a profit of $1.49 billion in the second quarter of 2023, down from an $8.62 billion profit a year earlier, it said in an earnings release on Friday.
Looking at 2023 as a whole, the company now expects EBITDA of $9.5-11 billion, up from a previous expectation of $8-11 billion.
But the firm also now expects this year's drop in container markets to be more pronounced.
"The inventory correction observed since Q4 2022 appears to be prolonged and is now expected to last through year end," the company said in the report.
"Based on the continued destocking, AP Moller-Maersk now sees global container volume growth in the range of -4% to -1% compared to -2.5% to +0.5% previously."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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