Maersk Faces "High Uncertainty" in 2024 Earnings Outlook Due to Red Sea Disruptions

  • 6 months ago
Danish shipping giant Maersk flagged "high uncertainty" for its 2024 earnings outlook due to ongoing Red Sea disruptions. Fourth-quarter profit came in below estimates, with EBITDA of $839 million versus a $1.13 billion forecast. Maersk suspended its share buyback program and will re-initiate once ocean market conditions stabilize. Disruptions from Yemen rebel attacks have pushed up delivery times and shipping costs globally. While rates are up, Maersk's CEO said the company will unlikely generate "significant profit" from the situation.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Danish shipping giant Maersk flagged high uncertainty for its 2024 earnings outlook
00:07 due to ongoing Red Sea disruptions. Fourth quarter profit came in below estimates,
00:12 with EBITDA of $839 million versus a $1.13 billion forecast. Maersk suspended its shares
00:19 buyback program and will reinitiate once ocean market conditions stabilize. Disruptions from
00:24 Yemen rebel attacks have pushed up delivery times and shipping costs globally.
00:29 While rates are up, Maersk's CEO said the company will unlikely generate significant
00:33 profit from the situation. For all things money visit Benzinga.com

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