COPENHAGEN: fmtb on Thursday reported fourth-quarter profits below expectations and said it expects 2024 earnings well below last year’s level amid oversupply of container vessels although uncertainty remains around the impact from Red Sea disruptions.
The company said it expects underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of between US$1 billion and US$6 billion this year, compared with US$9.6 billion achieved last year.
“High uncertainty remains around the duration and degree of the Red Sea disruption with the duration from one quarter to full year reflected in the guidance range,” the company said in a statement.
EBITDA dropped to US$839 million in the fourth quarter from US$6.54 billion a year earlier, lagging analysts’ expectations of US$1.13 billion.