Maersk Reports 92% Profit Slump in Q1

by Ship & Bunker News Team
Thursday May 2, 2024

Container shipping and logistics firm AP Moller-Maersk saw a 91.8% slump in its profits in the first quarter as the container market normalised following strength in previous years.

The firm posted a profit of $210 million for the first quarter of 2024, down from $2.561 billion in the same period a year earlier, it said in an earnings release on Thursday.

Revenues slipped by 13% on the year to $12.355 billion.

"The situation in the Red Sea/Gulf of Aden had a significant impact on the Ocean business with the implementation of a new network, which caused market rates and costs to increase, due to the supply chain disruptions," the company said in the release.

The company carried 2.928 million FEU of cargo in Q1, up by 7.5% on the year. The firm's average freight rate slipped by 17.5% to $2,368/FEU.