From Investing.com:

Maersk warned of earnings hit due to oversupply and Red Sea disruptions, sending shares down. Company expects EBITDA between $1B and $6B this year, compared to $9.6B in 2023, due to oversupply challenges and re-routing of vessels. Analysts predict $6.6B EBITDA. Shares fell 12% at open, with net loss for 2024 forecast.

EBITDA dropped to $839M in Q4 from $6.54B a year earlier, missing expectations. Maersk suspended share buyback program and will review once ocean container shipping market stabilizes. CEO Vincent Clerc said Red Sea disruptions are not a major boost for the company. Rival Hapag-Lloyd’s shares fell 10%.



Read more: Maersk warns oversupply to hit profits amid Red Sea uncertainty By Reuters