Rough seas: Maersk chops $19b from half-year earnings

The company cites a pullback in container demand and a global trade slowdown. (Image: iStock)

Mon, 07 Aug 2023

Danish shipping leviathan AP Moller-Maersk reported a staggering US$8.7 billion (NZ$14.4b) drop in revenue for the second quarter, on crumbling container rates, and warned of more to come with volumes down as much as 4% for the full year.Most of the drop in revenues came from the ocean division of the world’s second biggest shipper, with revenues 50% down at US$8.7b from the comparable US$17.4b, racked up during last year’s hyper-earnings peak for global shipping lines. The group’s logistics and services divisions saw rev...

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