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Red Sea Crisis: Maersk says shipping disruption poses uncertainty to 2024 earnings
Image- Reuters
Dr.G.R.Balakrishnan Feb 09 2024 Shipping News

Red Sea Crisis: Maersk says shipping disruption poses uncertainty to 2024 earnings

Since November, the rebels have repeatedly targeted ships in the Red Sea over Israel’s offensive in Gaza. But they have frequently targeted vessels with tenuous or no clear links to Israel, imperilling shipping in a key route for trade among Asia, the Mideast and Europe.

 

Maersk reported fourth-quarter profits below expectations on Thursday 8 Feb and projected 2024 earnings well below last year’s levels due to an oversupply of container vessels, although uncertainties persist regarding the impact of disruptions in the Red Sea.

The company anticipates underlying earnings before interest, tax, depreciation, and amortization (EBITDA) to range between $1 billion and $6 billion this year, a significant decrease from the $9.6 billion achieved last year.