Maersk swung to a -$27m EBIT loss in 3Q 2023 but instead of shedding excess
capacity, Maersk has been actively adding new capacity while slashing rates to
recover market share. Maersk’s aggressive price cutting was one of the main
reasons behind the dramatic drop in market rates in the 3rd quarter.
Maersk’s average freight rates dropped by 14% QoQ despite having 68% of its
total volumes on fixed contracts, highlighting just how aggressive its pricing
actions have been as its total liftings rec