A cargo ship transporting privately owned vehicles. (U.S. Department of Defense)
(ZEROHEDGE) – The world has a handful of shipping companies, and one of the ones we follow is A.P. Moller-Maersk A/S, which warned of a "radically changed business environment" as profits declined in the first quarter due to slumping transport volumes and sliding freight rates, Financial Times reported.
Maersk, which transports close to one-fifth of the world's containers, beat analyst expectations in the first quarter but outlined earnings for the remainder of the year would be weaker. It said the first three months of 2023 "will be the best quarter of the financial year."
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Chief executive Vincent Clerc told the FT about a large influx of new vessels about to hit the world's top shipping lanes ordered during the last several years. He expects those ships to be delivered in 2024.
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