Since the outbreak, revenue and profits of the shipping industry have soared due to supply chain disruptions and insufficient transport capacity. However, while supply chain bottlenecks have eased, the shipping industry is facing a sudden wake-up call that the global economic slowdown and inflation are reducing demand for consumer goods.
Maersk's third-quarter 2022 results on Wednesday showed that Q3 revenue was a record $22.8 billion, up 37.1 per cent from a year earlier; profit before interest, tax, depreciation and amortisation (EBITDA) rose 56.4 per cent year-on-year to $10.9 billion, EBITDA margin rose to 47.7 per cent, and net profit after tax was a record $8.9 billion.
Despite the strong performance in the third quarter, Maersk said: "the conflict between Russia and Ukraine, the energy crisis in Europe, high inflation and the looming global recession have given us a lot of 'dark clouds'. These factors affect the purchasing power of consumers, which in turn affects global transport and logistics demand. "
Maersk said earlier this week that freight rates were falling faster than expected and that warehouses in the US and Europe were being filled as consumer demand for goods fell. Soren Skou, the company's chief executive, said: "it is clear that freight rates have peaked this quarter and are beginning to return to normal, driven by falling demand and easing supply chain congestion." Maersk said on Wednesday that the slowdown was expected to continue into next year and that risks were "skewed downwards" because of the macroeconomic outlook.