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Spot ocean rates had declined by over 20% by mid-August from their peak in early July

"Had the fleet not grown substantially before the Red Sea crisis began, it could have developed into a major crisis."

Manufacturers are reporting full order books until mid-October

Increases 2024 guidance to adjusted EBITDA between $2.6-3 billion and adjusted EBIT between $1.45-1.85 billion.

Cumulative value of merchandise exports during April-July 2024 was $144.12 billion, an increase of 4.2% YoY

Ocean saw volume growth & higher freight rates, primarily in Asia exports, reflecting increased supply chain pressure

Largest deployment growth on Asia/Europe route at 24%; container fleet up 10.6% between June 1, 2023 and June 1, 2024

Maersk reported unaudited revenue of $12.8bn, underlying EBITDA of $2.1bn and underlying EBIT of $756mn for Q22024.

Capacity is expected to exceed 30 million TEU at the end of third quarter and hit 30.5 million by the end of 2024

Importing goods on Far East-Europe trade using the spot market now costs an additional $6.97mn/1,000 containers shipped

Merchandise exports register growth of 3% at $35.20 billion in June

Largest decrease in June was on Asia↔North Europe of 7.3 percentage points to 34.9%