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Search resuls for: "Søren Skou"


4 mentions found


☆ Maersk, a global barometer for trade, posts record 2022 earnings but warns of a tough year ahead
  + stars: | 2023-02-08 | by ( Elliot Smith | ) www.cnbc.com   time to read: +3 min
The container ship Maersk Murcia sits moored in the port of Gothenburg, Sweden, on August 24, 2020. Maersk, one of the world's largest container shipping firms, on Wednesday reported a fall in fourth-quarter earnings but posted the best full-year result in its history. This took the full-year underlying EBITDA figure to $36.84 billion, fractionally below the company's forward guidance of $37 billion but its strongest-ever full-year result. Maersk raised its dividend to 4,300 Danish krone ($620.33) per share from 2,500 DKK per share. For 2023, Maersk expects underlying EBITDA to plummet to between $8 billion and $11 billion.
☆ Maersk Expects Logistics Revenues to Exceed Shipping in Coming Years
  + stars: | 2022-11-02 | by ( Paul Berger | Paul Page | Søren Skou | ) www.wsj.com   time to read: +5 min
Mr. Skou said the strategy should help insulate Maersk from the boom-and-bust cycles of the container industry. “Our strategy is not to gain market share in ocean,” Mr. Skou said. “When the customers themselves suffer from the effects of economic decline, volume can’t be conjured out of the thin air,” Mr. Skou said. He said the company is trying with its logistics investments “to break away from the cyclicality of the shipping industry and the commoditized nature of traditional container shipping. “We are well on the way towards a significant market position in the logistics industry,” Mr. Skou said.
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☆ Maersk CEO says shipping slowdown is signaling a recession
  + stars: | 2022-11-02 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +1 min
London CNN Business —The spike in shipping rates since the onset of the pandemic has been a huge boon for Maersk. But the Danish shipping giant is warning its business will have to endure tougher times soon. He thinks the United States is likely to follow “sometime next year.”Demand for bigger goods like televisions, couches or BBQs has also fallen after people made big purchases during lockdowns. Now, they won’t need to buy replacements for some time. “Once you buy that, you probably don’t have that demand again for another few years,” Skou said.
☆ World’s largest container shipping firm Maersk, a barometer for global trade, warns of 'dark clouds on the horizon'
  + stars: | 2022-11-02 | by ( Elliot Smith | ) www.cnbc.com   time to read: +2 min
Maersk on Wednesday posted a record third-quarter profit but warned of 'dark clouds on the horizon' as shipping container demand weakens. Maersk , the world's largest container shipping firm, on Wednesday posted record profits for the third quarter on the back of high ocean freight rates, but noted a slowdown in demand. The company confirmed its full-year guidance for underlying EBITDA of $37 billion and a free cash flow above $24 billion. "This weighs on consumer purchasing power which in turn impacts global transportation and logistics demand. In its second-quarter report, Maersk flagged an impending slowdown in global shipping container demand amid weakening consumer confidence and supply chain congestion.
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