Shipping giant Maersk on Wednesday warned of gloomy times ahead for global trade, even as it reported record profits stemming from high rates charged by its ocean business. “With the war in Ukraine, an energy crisis in Europe, high inflation, and a looming global recession there are plenty of dark clouds on the horizon,” Søren Skou, the CEO of the Danish company, said in a statement.
“It is clear that freight rates have peaked and started to normalize during the quarter, driven by both decreasing demand and easing of supply chain congestion. As anticipated all year, earnings in Ocean will come down in the coming periods,” Skou said. Global container demand is estimated to contract between 2% and 4% in 2022, down from a previous projection of +1% to -1%, though Maersk confirmed full-year guidance for underlying EBITDA of around $37 billion and a free cash flow above $24 billion.
