Challenging start to the year for Maersk

Maersk’s revenue dropped by 26% to US$14.2bn in the first quarter of the year, as continued destocking and easing of congestions implied lower volumes across all segments.

Although EBITDA dropped to US$4bn from US$9.1bn and operating profit plunged by 68% to US$2.3bn, Q1 is expected to be the strongest quarter of the year.

Vincent Clerk, CEO of Maersk, said: “We delivered a solid financial performance in a challenging market with lower demand caused by a continued destocking.