Maersk cuts global container market outlook on tariff war
Maersk sees global container volume market in the range of 1 per cent decline to growth of 4 per cent this year, according to a statement on Thursday (May 8), citing 'increased macroeconomic and geopolitical uncertainty.' The forecast compares with growth of 'around 4 per cent' predicted back in February.
Maersk, which controls about 14 per cent of the world's container fleet and operates 60 ports, is among the global companies hit by Trump's protectionist shift, which is upending decades of progress in free trade. Still, the company has also said that it expects a transport boost in Europe as the continent, led by Germany, speeds up investments – including in defence.
Container-line profits have been boosted by the Red Sea crisis, which has now lasted almost 18 months, because companies taking the longer diversion route south of Africa eases some of the vessel overcapacity in the industry.
The disruption in the Red Sea is expected to continue throughout the rest of the year, the Danish company said on Thursday. In February Maersk had indicated that would mean hitting the high end of its 2025 profit outlook.
Maersk still expects 2025 underlying earnings before interest, tax, depreciation and amortization in a range of US$6 billion to US$9 billion.
'With trade tensions flaring up and uncertainty on the rise, global supply chains are once again in the spotlight,' chief executive officer Vincent Clerc said in the statement. BLOOMBERG
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Straits Times
4 minutes ago
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Straits Times
34 minutes ago
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SG60: Building on a legacy of luxury
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The past year marked a major inflection point for the resort. Despite renovation works reducing room capacity, MBS posted record financial performance, exceeding US$2 billion in earnings before interest, taxes, depreciation and amortisation for the first time. This was powered by the completion of key projects under its US$1.75 billion reinvestment programme. These included the debut of the Forbes Travel Guide five-star rated Paiza Collection, a new suite of ultra-luxurious rooms and experiences, the relaunch of its brand under the Above Beyond identity, and upgrades across its food and beverage, gaming and retail offerings. The reinvestment strategy was not merely a commercial decision. It was a signal of intent to remain competitive in a fast-changing hospitality landscape and to continue setting new benchmarks for excellence. Through design innovation, digital upgrades and tailored experiences, MBS has evolved to meet the demands of a new generation of luxury travellers. 'The reinvestment goes beyond the physical transformation of spaces. It is about enhancing the entire customer journey, creating not just a luxurious stay but an experience that goes above and beyond, in every way,' says Town. Beyond the building Behind the architecture and investments is a human story. The success of MBS has been driven by its people: a 12,000-strong workforce fuelling its 24/7 operations. The IR has invested heavily in workforce development, including the launch of one of the world's largest butler service teams and a robust scholarship programme to nurture future hospitality leaders in Singapore. A focus on inclusive hiring and upskilling has enabled MBS to build a diverse and resilient workforce capable of adapting to change. Its people-first approach, coupled with global exposure and high service standards, has helped raise the bar for Singapore's broader hospitality industry. 'The journey of transformation that we are on would not be possible without the incredible dedication of our team,' says Town. 'Their passion, professionalism and innovative spirit are what make Marina Bay Sands a place where guests from around the world come to live their best lives.' Proudly part of Singapore's growth MBS has long positioned itself as a partner in Singapore's development. It has one of the largest private sector workforces in the country, and in 2024 alone, recorded a total of S$2.19 billion in annual business spend, with nearly 92 per cent of procurement expenditure going to local businesses. Since opening, over 500 million visitors have walked through its doors. In 2024, the IR also hosted more than 1.2 million meetings, incentives, conferences and exhibitions (MICE) delegates, reinforcing Singapore's standing as a hub for tourism, meetings and world-class entertainment. Beyond the numbers, MBS has helped elevate Singapore's global profile as a lifestyle capital. From hosting international art exhibitions and red carpet events to introducing high-end retail concepts and culinary brands, the IR has played an important role in shaping Singapore's cultural and commercial identity. It has also created valuable opportunities for local businesses, artisans and emerging talents to access a global stage. 'Singapore's unique position as a global tourism and business hub has allowed us to thrive, while our ability to evolve and align with the city's aspirations ensures we remain relevant in an era of rising demand for ultra-high-end luxury experiences,' says Town. Through philanthropy, education, sustainability and cultural programming, the company has also integrated itself as part of Singaporean society. Whether it is the Sands for Singapore Charity Festival, partnerships with local small and medium-sized enterprises, and artists, or pioneering sustainability efforts, the IR has sought to contribute meaningfully beyond its core business. MBS has also become a case study in how businesses can align growth with purpose. From reducing its environmental footprint to championing accessibility and cultural inclusivity, it continues to evolve as a forward-thinking institution that reflects the values of the community it serves. Shaping the future of luxury Looking ahead, the next chapter for MBS begins with its standalone ultra-luxury resort adjacent to the current site. With 570 all-suite rooms, a 15,000-seat entertainment arena, 200,000 square feet of premium MICE facilities, rooftop infinity pools, a luxury spa and Skyloop attraction, the new destination is designed to set a new global benchmark in hospitality and entertainment. Far from replicating the success of the original MBS, the new development will offer a distinct experience aimed squarely at elite travellers and international tastemakers. The project also places a strong emphasis on sustainability, with biophilic design, energy-efficient technologies and responsible sourcing built into its blueprint. As part of its planning, it also draws from the learnings of the past decade, including the shifting expectations of travellers post-pandemic, the integration of wellness into luxury, and the growing demand for immersive, story-led environments. These insights are shaping a property that is both forward-looking and deeply attuned to guest preferences. 'Our new ultra-luxury development reflects our confidence in Singapore as a premier destination for luxury and leisure. It is not just an extension of Marina Bay Sands. It will be a standalone destination that elevates the entire integrated resort experience,' says Town. Fifteen years in, MBS has grown beyond a newcomer setting records. It has become an institution that continues to evolve with and contribute to Singapore's story. With its new building on the horizon and a sharpened vision of what modern luxury means, the IR will continue to set the pace for what comes next. This article is contributed by Marina Bay Sands
