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International Business Times

Business

Camille BAS-WOHLERT

Shipping Giant Maersk's Profit Sinks, Warns Of Red Sea Risk

Red Sea Vincent Clerc Yemen

Maersk's net profit fell more than sevenfold in 2023 (Credit: AFP)

Shares in shipping giant Maersk dived on Thursday after it warned of an uncertain 2024 earnings outlook linked to an oversupply of container vessels and Yemeni rebel attacks in the Red Sea.

The downbeat forecast came after its 2023 earnings were hit by overcapacity in the shipping sector, which caused a drop in freight rates.

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