Maersk posts ‘robust’ Q2 results despite year-on-year decrease

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A.P. Moller – Maersk (Maersk) reports what it calls robust Q2 financial results, as volume and rate trends unfolded as expected. The pace of revenue decline moderated as rates continued to come off their 2022 peak , it says, while volumes remained weak due to continued destocking particularly in North America and Europe.

Revenue decreased by USD 8.7bn year-on-year to USD 13.0bn (USD 21.7bn) in Q2 2023, with a decrease in Ocean by USD 8.7bn, in Logistics & Services by USD 116m and in Terminals by USD 174m.

Maersk says it continues to expect muted global macro-economic growth given continued pressure from higher interest rates and potential recessionary risk in Europe and the US. Given the weak start of the year and the continued destocking, It now sees the global container volume growth in the range of -4% to -1% compared to -2.5% to +0.5% previously.

Maersk CEO Vincent Clerc, stated: “The Q2 result contributed to a strong first half of the year, where we responded to sharp changes in market conditions prompted by destocking and subdued growth environment following the pandemic fueled years. Our decisive actions on cost containment together with our contract portfolio cushioned some of the effects of this market normalisation.

“Cost focus will continue to play a central role in dealing with a subdued market outlook that we expect to continue until end year. While we step this agenda further up, we are unwavering in our transformation and continue to invest in and deliver truly integrated logistics solutions to our customers and amplify their supply chain resilience for the uncertain times ahead.”

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