Maersk Tumbles as Red Sea Crisis Stings ...Middle East

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Maersk Tumbles as Red Sea Crisis Stings
source : OILPRICE ( Middle East ) () 38
Shares of A.P. Moller-Maersk A/S in Copenhagen plunged on Thursday. This decline occurred after the world's second-largest shipping company announced fourth-quarter earnings and guidance that fell short of analysts' forecasts, alongside the cancellation of its stock repurchase program. Vincent Clerc, chief executive of Maersk, wrote in a statement, "While the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually, the oversupply in shipping capacity will lead to price pressure and impact our results."…

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