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Maersk earnings fall by a quarter

[ May 4, 2023   //   ]

AP Moller–Maersk (Maersk) reported a fall in revenue of 26% to US$14.2bn in the first quarter of 2023, in line with expectations. Continued destocking and easing of congestion implied lower volumes across all segments. EBITDA earnings decreased to $ 4.0bn from $9.1bn, and EBIT to $2.3bn from $ 7.3bn. The full-year guidance remains unchanged, with Q1 expected to be the strongest quarter of the year.

Ocean revenue decreased by $5.7bn to $9.9bn with profitability for the quarter was significantly lower compared to Q1 2022, primarily due to lower freight rates and volumes, as demand softened. Logistics and services revenue grew 21% to $3.5bn driven by the consolidation of acquisitions.

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