Maersk Provides Gloomy Outlook For 2023; Expects To Grow In-Line With The Market

  • Shipping group A. P. Moller Maersk AMKBY expects 2023 global GDP growth to be muted with global ocean container market growth of -2.5% - 0.5%.
  • While the slow-down of the global economy will lead to a softer market in particular in Ocean, Maersk said it would continue to pursue growth opportunities within the Logistics and Terminals businesses.
  • So, for 2023, Maersk expects an underlying EBITDA of $8.0 billion – $11 billion, an underlying EBIT of $2.0 billion – $5 billion, and free cash flow (FCF) of at least $2 billion.
  • "Guidance for 2023 is based on the expectation that inventory correction will be complete by the end of the first half, leading to a more balanced demand environment," said the company.
  • In 2022, Maersk's revenue was up 32%, and EBIT increased by 57%.
  • A.P. Moller-Maersk expects to grow in-line with the market.
  • Price Action: AMKBY shares closed higher by 0.09% at $11.30 on Tuesday.
  • Photo Via Company
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Posted In: EarningsNewsGuidanceGeneralBriefsEurasia
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