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Maersk Faces $500 Million in Extra Monthly Costs Due to Iran War
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Maersk Faces $500 Million in Extra Monthly Costs Due to Iran War

WWD·Glenn Taylor·25 days ago
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Maersk says it must find a way to pass through $500 million in extra monthly costs to customers amid escalating fuel prices since the start of the war in Iran . However, CEO Vincent Clerc says the ocean carrier has been recovering the added costs in full through higher spot freight rates and surcharges for contracted customers, ensuring the company has thus far incurred a “limited financial impact” from the conflict. This enabled Maersk to maintain its full-year financial guidance , which forecasts an operating profit ranging between a $1.5 billion loss and $1 billion in income. Since the outbreak of the war in late February, spot rates have increased 40 percent on average, Clerc said, which “has been roughly in line with the cost increase we have faced.” Clerc said the increased costs will flow through in the second quarter and beyond.…

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