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Maersk: Ocean freight boom wanes as rates 'normalise' in H2

Author:   Posttime:2022-02-16

MAERSK, recently designated the world's No 2 container shipping line behind Geneva-based Mediterranean Shipping Co (MSC), expects the current freight boom to cool being "subject to high uncertainties related to the congestion, network disruptions, and demand patterns", reports Bloomberg.

Maersk made the statement while agreeing to buy Pennsylvania trucker Pilot Freight Services for US$1.68 billion, saying that the unprecedented boom in container shipping may be starting to fade.
"We are coming out of a pandemic and we don't have much experience with that," said Maersk CEO Soren Skou.
The trucking deal coincides with a 2022 profit forecast that falls well below analysts' estimates. Maersk said it expected a strong first half before a "normalisation in ocean" early in the second half.
Container firms have enjoyed massive profits over the past two years, as port backups and consumers buying goods from home drove up prices during the Covid-19 pandemic. Maersk and its peers have been using the money to diversify, strengthening in areas such as air freight and logistics.
The company said it expects to report a 2022 profit of about $24 billion, measured as underlying earnings before interest, tax, depreciation, and amortisation. The guidance compares with an average estimate of $28 billion in a survey by Bloomberg.
US-based Pilot Freight deal adds "big and bulky first, middle and last-mile logistics" to its landside transportation offerings, said Maersk.
In December, Maersk agreed on a $3.6 billion deal to acquire Asian warehouse specialist LF Logistics in the second-biggest takeover in its history.
The shipping industry as a whole came out of 2021 with record profits as global supply-chain problems enabled shipowners to charge higher freight rates for their services.
 

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