Shipping firm Maersk, a barometer for global trade, warns of 'dark clouds on the horizon'

Maersk, the world's largest instrumentality shipping firm, connected Wednesday posted grounds profits for the 3rd 4th connected the backmost of precocious water freight rates, but noted a slowdown successful demand.

The Danish giant, wide seen arsenic a barometer for planetary trade, reported net earlier interest, tax, depreciation and amortization (EBITDA) of $10.9 cardinal for the quarter, supra statement expert projections of $9.8 cardinal and up astir 60% from the aforesaid play a twelvemonth ago.

The institution confirmed its full-year guidance for underlying EBITDA of $37 cardinal and a escaped currency travel supra $24 billion.

CEO Søren Skou said the "exceptional results" this twelvemonth were driven by a continued emergence successful water freight rates, but said it was wide that these person peaked and volition statesman to normalize successful the 4th fourth amid falling request and an easing of proviso concatenation congestion. Skou flagged that net successful the firm's water operations volition travel down successful the coming months.

"With the warfare successful Ukraine, an vigor situation successful Europe, precocious inflation, and a looming planetary recession determination are plentifulness of acheronian clouds connected the horizon," Skou said successful a connection Wednesday.

"This weighs connected user purchasing powerfulness which successful crook impacts planetary proscription and logistics demand. While we expect a slow-down of the planetary system to pb to a softer marketplace successful Ocean, we volition proceed to prosecute the maturation opportunities wrong our Logistics business."

In its second-quarter report, Maersk flagged an impending slowdown successful planetary shipping instrumentality request amid weakening user assurance and proviso concatenation congestion.

The institution said Wednesday that planetary instrumentality request is expected to declaration betwixt 2% and 4% successful 2022, down from a erstwhile projection of +1% to -1%, noting that freight and charter rates declined successful the 3rd 4th arsenic request moderated and Chinese Covid-19 restrictions diminished.

Maersk shares statesman Wednesday's trading league down 31% since the commencement of the year.