The container ship Maersk Murcia docked at the port of Gothenburg, Sweden, on August 24, 2020.
JONATHAN NACKSTRAND | AFP Getty Images
Maersk, one of the world’s largest container shipping companies, on Wednesday reported a drop in fourth-quarter earnings but posted its best results in history.
The Danish giant, widely seen as a barometer for global trade, said earnings before interest, taxes, depreciation and amortization (EBITDA) reached $6.5 billion in the fourth quarter, below Refinitiv’s consensus analyst forecast of $6.77 billion and down from $8 billion in the previous quarter. same 2021.
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This took the full-year underlying EBITDA figure to $36.84 billion, slightly below the company’s forward guidance of $37 billion but the strongest result in a year.
Maersk is facing an “exceptional” year in 2022 due to continued increases in sea freight rates, but stated in its record-breaking third quarter earnings report that rates have peaked and normalization will have a negative impact on earnings, with former CEO Søren . Skou warned “dark clouds on the horizon.”
New CEO Vincent Clerc, who took the reins earlier this year, said in a statement Wednesday that 2022 has been “remarkable in more ways than one.”
“While we are reporting the best financial results in the company’s history, we have also taken our partnership with our customers to a new level by supporting our supply chain end-to-end during these disruptive times,” said Clerc.
“As we enter a year with a challenging macro outlook and a new type of uncertainty for our customers, we are determined to accelerate our business transformation and increase our operational excellence to seize the unique opportunity in front of us.”
The global container market will grow between -2.5% and +0.5% in 2023
Fourth quarter loaded volumes were down 14% on the year while freight rates were down 3.5% on the year, causing revenues to drop slightly to $17.8 billion for the quarter.
Maersk also earned $511 million during the year from efforts to halt operations in Russia, with the ultimate goal of exiting the country.
The company reported free cash flow of $6.5 billion in the fourth quarter of 2022 compared to the previous year and issued a share repurchase of $685 million.
Maersk raised its dividend to 4,300 Danish Krone ($620.33) per share from 2,500 DKK per share.
For 2023, Maersk expects underlying EBITDA to fall between $8 billion and $11 billion.
He said the guidance is based on “the expectation that the inventory correction will be completed by the end of H1 leading to a more balanced demand environment, that 2023 global GDP growth will remain muted, and that the global ocean container market will grow in the range of -2.5% to +0, 5%