Maersk Tumbles as Red Sea Crisis Stings [Yahoo! Finance]
MITSUI O.S.K. LINES U/ADR (MSLOY)
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Source: Yahoo! Finance
fourth-quarter earnings and guidance that fell short of analysts' forecasts, alongside the cancellation of its stock repurchase program. Vincent Clerc, chief executive of Maersk, wrote in a statement, "While the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually, the oversupply in shipping capacity will lead to price pressure and impact our results." Maersk said, "Given the heightened uncertainty, the Board of Directors has decided to immediately suspend the share buy-back programme, with a re-initiation to be reviewed once market conditions in Ocean have settled." Shares in Copenhagen-listed Maersk sank as much as 17% in trading on Thursday. For the week, the shares are on track to record the largest decline since the first week of November. The company reported fourth-quarter profit below expectations, with EBITDA for the quarter sliding to $839 million versus the $1.04 billion anticipated by analysts. Here's a snapshot o
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