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"The lights are flashing red on the geo-political dashboard and it would be foolish to ignore them."

Traffic through Panama and Suez Canals - critical arteries of global trade - dropped by over 50% by mid-2024.

Maersk now expects underlying EBITDA of $11-11.5 billion and EBIT of $5.2-5.7 billion for 2024.

2024 has been a year characterised by shippers’ extensive frontloading and ensure enough goods were on inventory.

International air cargo to witness double digit growth in FY2025 as Red Sea crisis impacts seaborne cargo movement.

Maersk says surcharges are being reviewed regularly in the ever-evolving environment.

Spot ocean rates had declined by over 20% by mid-August from their peak in early July

"Had the fleet not grown substantially before the Red Sea crisis began, it could have developed into a major crisis."

Manufacturers are reporting full order books until mid-October

Increases 2024 guidance to adjusted EBITDA between $2.6-3 billion and adjusted EBIT between $1.45-1.85 billion.

Cumulative value of merchandise exports during April-July 2024 was $144.12 billion, an increase of 4.2% YoY

Ocean saw volume growth & higher freight rates, primarily in Asia exports, reflecting increased supply chain pressure