TSX:NPI - Post Discussion
Post by
BayWall on Nov 03, 2023 12:08pm
Global Cargo Slowdown
When see worldwide cargo volumes drop, not a good sign. Interest rates must come down even more.
Wall Street Journal Nov 3, 2023
Shipping and logistics giant A.P. Moller-Maersk said it would cut more than 10,000 jobs, as a pandemic-fueled cargo boom has ended, leaving the industry with a surplus of ships and sharply lower freight rates.
Maersk, a bellwether for global trade, saw its third-quarter profit plummet to $521 million from $8.88 billion last year. Its main Ocean division posted a quarterly loss for the first time in many years.
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