Maersk reported 3Q before market open today (2 Nov 2022). Earnings turned out
better than expected (BTE) but guidance stayed unchanged, suggesting a bearish
outlook.
BTE 3Q Results: EBIT $9.48bn, up 5% QoQ and 62% YoY, beat Bloomberg consensus
estimate of $8.63bn. The BTE earnings were due to higher contract freight rates.
During the period, Maersk continued to experienced costs increase particularly
in bunker and depreciation, which including chartering. Maersk's 3Q volume
dropped 8% YoY and 3