COPENHAGEN, Sept 29 (Reuters) – Maersk (MAERSKb.CO) will start to sluggish the tempo of its container ships to decrease gasoline prices after crusing at full pace to maintain up with demand in the course of the pandemic, its chief govt mentioned on Thursday.
Copenhagen-based Maersk, a barometer for world commerce, expects ocean freight volumes to be flat or decrease this 12 months, its CEO Soren Skou mentioned in a Reuters Newsmaker interview, pointing to U.S. customers shopping for much less and confidence dented by Russia’s invasion of Ukraine.
As one of many world’s largest transport corporations, Maersk benefited from hovering freight charges following a surge in shopper demand in the course of the pandemic which led to jams at ports.
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Skou mentioned freight charges have this 12 months began falling although congestion persists in ports and world provide chains.
“We nonetheless see areas the place we’ve ships ready outdoors ports, lack of labor, and strike motion, specifically in Europe. So the state of affairs is just not normalized but, however it’s clearly getting higher,” Skou mentioned.
The corporate, which operates some 730 container ships, handles transport and logistics for retailers and shopper corporations reminiscent of Walmart, Nike and Unilever.
“Our ships have been going all out on pace with the intention to catch up as many delays as potential,” he mentioned.
“However as issues normalize, we should always anticipate ships to return right down to regular cruise speeds. That is actually necessary for our gasoline effectivity,” mentioned Skou, referring to hovering gasoline prices.
He expects a “modest” pick-up in commerce for the upcoming holidays this 12 months amid considerations concerning the slowing world financial system and shopper demand, though volumes headed into the Christmas season have been decrease than in a standard 12 months.
Freight charges stay effectively above pre-pandemic ranges. Maersk has raised its 2022 revenue steering twice this 12 months as they persevered longer than anticipated.
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Reporting by Jacob Gronholt-Pedersen and Terje Solsvik;
Writing by Josephine Mason; modifying by David Evans, Elaine Hardcastle
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