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How Maersk Is Navigating The Volatile Shipping Industry
Posted
March 30, 2024
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March 30, 2024
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12:37Now PlayingEach year, about 90% of world trade is transported by ship. While commodities like oil and grain make up 40% of that cargo, large steel containers, filled with appliances, smartphones, and couches, make up the remainder. Maersk, the world's second largest container shipping company, transports about one in five of those containers.
In addition to its fleet of over 670 vessels, the Danish-based carrier also runs one of the globe's largest port terminal businesses, with 64 terminals. Maersk logged record profits of $29.3 billion in 2022 due in part to pandemic-induced buying and higher freight rates.
But the company is flagging "high uncertainty" for the year ahead as a shift in consumer spending habits has brought revenue in line with pre-pandemic levels. Today, like its rivals, Maersk faces a range of challenges including attacks on vessels in the Red Sea, a drought at the Panama Canal, and the threat of higher tariffs related to a potential Trump presidency.
The company also chartered the vessel that crashed into the Francis Scott Key Bridge causing the structure to collapse and the Port of Baltimore to close.
CNBC explores how Maersk’s business has evolved and how it is navigating the many challenges the shipping industry faces today.
Chapters:
Produced by: Shawn Baldwin
Edited by: Nic Golden Henry
Supervising Producer: Jeniece Pettitt
Additional Reporting: Lori Ann LaRocco
Animation: Christina Locopo
Additional Footage: Getty Images, Maersk
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How Maersk Is Navigating The Volatile Shipping Industry
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