Maersk Reports Record Profits But Warns Of Challenges Ahead ...Middle East

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Maersk Reports Record Profits But Warns Of Challenges Ahead
source : OILPRICE ( Middle East ) () 17
Three months ago, executives of Maersk expected the container shipping market to peak and turn downward sometime in the fourth quarter. Just a few weeks later, they were proven wrong. It peaked sooner. “Demand for ocean shipping began its decline in August, and this was clearly observed in both rates and volumes,” said Maersk CEO Soren Skou during a quarterly call on Wednesday. Third-quarter profits marked yet another record high for Maersk — net income was $8.9 billion — but it will be the last hurrah of the boom era. “We…

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