Vincent Clerc, chief executive of the world's second-largest container Vincent Clerc, told the financial times that some customers had placed Christmas orders earlier than usual.
“Clearly, not only customers in the US, but in general, customers are pre-ordering-people would rather have Christmas goods in storage ahead of time because of the possibility of a trade war. But it's hard to say exactly what happened,” he said.
Late last year, Houthi attacks caused most ships to avoid the Red Sea and bypass the Horn of Africa, just as global supply chains were recovering from the ravages of covid-19.
Maersk last week raised its financial outlook for the 2024 for the third time since May as it benefited from shipping disruptions throughout the year and stronger-than-expected growth in global trade. “Every month, the impact seems to get worse and worse,” Cleck said of the Red Sea disruption, but declined to comment on whether he thought it would last until 2025.
Maersk's chief executive warned customers in June not to place Christmas orders ahead of schedule because of transportation disruptions. But shipping experts have said in recent weeks that Donald Trump's warning about high tariffs on Chinese goods could lead to early orders from importers in the US and elsewhere, and Cleck confirmed this.
Maersk said on Wednesday that“Chinese exports once again stood out in the second quarter, rising nearly 10 per cent year-on-year.”
The Danish group, which carries about a fifth of the world's seaborne cargo, is a significant bellwether for global trade.
Geopolitical tensions lead to increased attacks on shipping networks
The Danish group now expects full-year underlying operating profit of $3bn-$5bn, compared with a loss of $5bn at the start of the year. Operating Profit for the first six months of the year was $1.1 bn, down from $3.9 bn in the 2023 period.
Maersk said on Wednesday it was still looking to buy the onshore logistics business, which is aimed at balancing its container transport business. “We are willing to find the right partner,” says Cleck
