Maersk has announced it will not pursue a bid for GXO, coinciding with the release of strong Q3 earnings. The company also reassured customers that it anticipates little to no disruption as it launches the Gemini network next year.
For the quarter, Maersk reported EBITDA of $4.8 billion and EBIT of $3.3 billion. “On a year-to-date basis, this places us roughly on par with last year,” stated CEO Vincent Clerc during an earnings call with investors.
“However, we are in very different circumstances compared to last year, and we are looking ahead to a distinctly different final quarter.”
Throughout the call, Mr. Clerc emphasized the "strong" results over 30 times, elaborating: “The ocean segment has experienced significant changes this past quarter. The combination of elevated freight rates and sustained high volumes has led to substantially higher profits, with an EBIT of $2.8 billion. We anticipate that the third quarter will be the strongest of the year, as rates peaked in July and have since partially normalized and stabilized—for now.”
