Maersk slashes $41.6 billion from annual earnings

(Image: Maersk)

Fri, 09 Feb 2024

Danish shipping giant AP Møller-Maersk saw net profits sink by 86.7% to US$3.9 billion (NZ$6.4b) from US$29.3b for the year to December, as container trade demand moved into “negative territory” and global inventories continued to rebalance.The US$25.4b (NZ$41.6b) drop in net profit came off a whopping US$30b drop in revenues to $51.1b.The biggest hit came in the ocean division, with "normalised' freight rates after the hyper rates during covid slicing US$26.8b off that business's earnings before i...

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