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Maersk Sees Container Demand Slowing as Recession Looms

Started by Epoch-Times-Bot, Nov 02, 2022, 11:30 PM

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Epoch-Times-Bot

Nov 02, 2022, 11:30 PM
Maersk Sees Container Demand Slowing as Recession Looms

OSLO—Shipping group Maersk warned on Wednesday of slowing demand for transport and logistics as a global recession looms and cut its forecast for container demand this year, even as it beat third-quarter earnings expectations.
“It is clear that freight rates have peaked and started to normalize during the quarter, driven by both decreasing demand and easing of supply chain congestion,” Chief Executive Soeren Skou said in a statement.
The company’s shares were down 4.4 percent at 0839 GMT, and have now fallen 38 percent since hitting a record high of 24,920 Danish crowns on Jan. 13.
The Copenhagen-based company, one of the world’s biggest container shippers with a market share of around 17 percent, is often seen as a barometer of global trade....

Source: Maersk Sees Container Demand Slowing as Recession Looms

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