Maersk reported before European market open today (8 Feb).
4Q EBIT came out as $5.0b, better than the $4.8bn guided in November. Although
not being very surprising, this beat has to be viewed in context that the 4Q
EBIT was down 47% QoQ and 26% YoY. The main delta contributing to Maersk's
profit was the 23% QoQ fall in average freight rates, which however was less
than the 455 QoQ fall in CCFI due to Maersk's higher than average contract mix.
The most concerning to the capital market is that