A.P Moller-Maersk, operator of the world’s second-largest container line, announced fourth-quarter results in line with expectations on Wednesday. But its outlook for 2023 came in below consensus, with rates expected to be particularly weak in the second half of the year.
Maersk sees spot rates now stabilizing. It expects contract rates to be negotiated for 2023 at levels close to spot rates, bringing average rates down, particularly after the benefits from contracts negotiated in 2022 expire.
Even though second-half volumes could recover somewhat as retailer inventories normalize, rates will face pressure from higher shipping capacity as a wave of new vessels hit the water in H2 2023 and through 2024.
