Maersk sees profit drop by 87% as market continues to normalise and freight rates decline

Maersk suffered an 87% fall in operating profit to US$3.9bn for 2023, as the market continued to normalise to pre-pandemic levels with lower volumes and freight rates affecting performance throughout the year. 

Congestion has eased at ports compared to the peak levels experienced during the pandemic and the high demand is no longer present in a much-changed market environment. 

The disruption caused by the shipping crisis in the Red Sea in the fourth quarter was not damaging to Maersk, but the situation remains of concern going into this year.