Freight rates have since tumbled as recession looms and pandemic-fueled import bubbles deflate in the United States and other major consuming countries.
warned on Wednesday, February 8, lower container volumes and freight rates would drive a fourfold plunge in profits this year, even as it reported record earnings for 2022.
But freight rates have since tumbled as recession looms and pandemic-fueled import bubbles deflate in the United States and other major consuming countries. “The shipping market looks difficult right now. Freight rates have stabilized at a lower level that is not catastrophic for us,” chief executive Vincent Clerc told journalists.
Maersk, one of the world’s biggest container shippers with a market share of around 17%, said freight rates fell by nearly a quarter in the fourth quarter versus the previous three months.
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