Maersk’s net profit sinks amid Red Sea attacks

Danish shipping giant Maersk reported a 13-fold drop in Q1 net profit to $177 million, citing Yemeni rebel attacks forcing it to avoid the vital Red Sea route. However, Maersk raised its full-year profit outlook to $4-$6 billion, citing higher demand and rates due to Red Sea supply chain disruptions caused by Iran-backed Houthi rebel attacks on ships since November.