16.4 C
Hamburg
Sunday, June 1, 2025
Home Most Popular Maersk's first-quarter revenue and earnings down from last year levels

Maersk’s first-quarter revenue and earnings down from last year levels

A.P. Moller – Maersk reported a first quarter of 2023 in line with its expectations and said that continued destocking and easing of congestions implied lower volumes.

The Danish company’s revenue dropped by 26% year-on-year to US$14.2 billion, earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to US$4 billion from US$9.1 billion in the first quarter of 2022, while earnings before interest and taxes (EBIT) declined from US$7.3 billion to US$2.3 billion.

Maersk stated that the full-year forecast remains steady, with the first quarter likely to be the strongest of the year for the company.

Vincent Clerc, CEO of Maersk, commented, “We delivered a solid financial performance in a challenging market with lower demand caused by a continued destocking. Visibility remains low for the remainder of the year and moving through this market normalisation, we remain focused on proactively managing costs. As we adjust to a radically changed business environment, we continue to support our customers in addressing their supply chain challenges. We are pleased to note that customers continue to value the integrated logistics solutions and close partnership we provide.”

The Copenhagen-based shipping company said the first quarter of 2023 was marked by continued destocking in Europe and especially North America. “While it is difficult to predict the exact timing, we expect volumes to gradually pick up in the second half of the year,” pointed out Maersk.





Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

KlaipÄ—da port embarks on green hydrogen initiative

KlaipÄ—da Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!