Danish shipping giant hit by inventory corrections in western economies that caused freight demand to normalize, pushing rates and volumes lower
A.P. Moeller-Maersk on Thursday posted a sharp drop in first-quarter net profit as inventory corrections in western economies caused shipping demand to normalize, pushing freight rates and volumes lower.
The Danish shipping giant reported a quarterly net profit of $2.28 billion, down from $6.78 billion, as revenue fell 26% to $14.21 billion. A company-compiled consensus had seen net profit at $1.79 billion on revenue of $14.83 billion.
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