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As fuel prices go up and demand slows down

Maersk vessels to return to normal cruise speeds to save fuel

Maersk will begin to slow down their container ships to lower fuel costs after sailing at full speed to keep up with demand during the pandemic. The Copenhagen-based firm expects ocean freight volumes to be flat or lower this year, its CEO Soren Skou said in a Reuters Newsmaker interview.

Skou said freight rates have this year started falling though congestion persists in ports and global supply chains: "We still see areas where we have ships waiting outside ports, lack of labor, and strike action, in particular in Europe. So the situation is not normalized yet, but it's clearly getting better.”

"Our ships have been going all out on speed in order to catch up as many delays as possible," he said. "But as things normalize, we should expect ships to come down to normal cruise speeds. This is really important for our fuel efficiency.”

Skou expects a modest pick-up in trade for the upcoming holidays this year amid concerns about the slowing global economy and consumer demand, although volumes headed into the Christmas season were lower than in a normal year.


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