– Maersk has revised its global trade forecast, projecting a significant decline in container trade.
– The company predicts a 4% decrease in global container trade for this year, exceeding their initial expectation of a 2.5% reduction.
– Maersk attributes this decline to weak demand and ongoing supply issues that have been persisting for years.
– Chief Executive Officer Vincent Klerk anticipates the subdued trading environment to persist until the end of this year.
– However, Maersk is optimistic about a slight market recovery in 2024 and a return to positive growth territory.
– Despite the challenging market conditions, Maersk’s second-quarter earnings before interest, taxes, depreciation, and amortization improved to $2.91 billion, surpassing analysts’ average estimate of $2.29 billion.