Sees 2023 underlying EBITDA of 811 billion
Down from a record 36.8 billion in 2022
Sees lower container volumes and freight rates
Shares drop 5

COPENHAGEN, Feb 8 Reuters Shipping group A.P. MollerMaersk warned on Wednesday lower container volumes and freight rates would drive a fourfold plunge in profits this year, even as it reported record earnings for 2022.

The Copenhagenbased company, which transports goods for retailers and consumer companies such as Walmart, Nike and Unilever, raised its profit forecast twice last year as a surge in consumer demand and pandemicrelated logjams at ports boosted freight rates.

But freight rates have since tumbled as recession looms and pandemicfuelled import bubbles deflate in the United States and other major consuming countries.

This year, Maersk expects global demand for shipping containers by sea to fall by as much as 2.5 as a build up in inventories is unwound.

The company expects underlying earnings before interest, taxation, depreciation and amortisation EBITDA of 811 billion in 2023, compared with 36.8 billion last year.

The forecast was below the 11.9 billion expected by analysts in a company poll.

Maersk shares dropped 5 in early trading.

Guidance for 2023 is based on the expectation that inventory correction will be complete by the end of the first half, leading to a more balanced demand environment, it said.

Maersk, one of the world39;s biggest container shippers with a market share of around 17, said freight…