Supply chain problems due to the Red Sea crisis hit Maersk hard

Danish shipping giant AP Moller-Maersk A/S reported a 45% drop in its net profit in the second quarter as supply chain problems from the escalating Red Sea crisis led to higher operating costs, Al Arabiya reported. The company’s operating profit also fell 26% to $2.14 billion. Months of attacks by Houthi militants in Yemen have forced shipping firms to take longer routes to avoid the Red Sea, which normally carries about 12 percent of global trade.

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