A.P. Moller-Maersk shares fell as much as 13% at the open on Thursday following the release of its latest earnings results.
According to the report, Maersk has put its share buyback program on hold, aiming to conserve cash amid ongoing uncertainties related to disruptions in the Red Sea and persistent overcapacity in the industry that keeps weighing down on freight rates. The company also said today that EBITDA fell to $839 million in the fourth quarter from $6.54 billion a year earlier, below analysts' expectations.
After touching its intra-day low, the company's shares were selling for 11,220 Danish Krone at 9:10 am ET, down 10.69%.