Three months ago, executives of Maersk expected the container shipping market to peak and turn downward sometime in the fourth quarter. Just a few weeks later, they were proven wrong.
“We have now seen the peak in extraordinary earnings,” said Maersk CFO Patrick Jany. “Halfway through the quarter we began to see the long-expected normalization of freight rates.”
Earnings before interest, taxes, depreciation and amortization came in at $10.9 billion for Q3 2022, handily topping the analyst consensus forecast for $10.1 billion. Guidance for full-year EBITDA was kept unchanged at $37 billion, implying Q4 2022 EBITDA of $6.7 billion. The fact that average rates rose quarter-on-quarter despite falling spot rates “demonstrates the value of the our strategy of signing lots of contrast,” said Skou.
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