Each year about 90% of world trade is transferred by ship, according to the World EconomicForum While products like oil and grain comprise 40% of that freight, big steel containers, filled with home appliances, mobile phones, and sofas, comprise the rest.
With its fleet of over 670 vessels, Maersk, among the world’s biggest shipping business, transfers about one in 5 of those containers.
The business logged record earnings in 2022 due in part to pandemic-induced purchasing and greater freight rates.
But, like its competitors, Maersk is dealing with a variety of difficulties consisting of Red Sea diversions, a dry spell at the Panama Canal and a prospective strike by the International Longshoremen’s Association, the biggest union of maritime employees in North America.
It likewise chartered the vessel that crashed into the Francis Scott Key Bridge in Baltimore previously today.
CNBC analyzes the problems dealing with Maersk, and its competitors Hapag-Lloyd and MSC, and takes a look at how the business is attempting to shift for future development.
Watch the video to read more.
