Shipping company Maersk sees record quarter as demand surges

By AP News

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COPENHAGEN, Denmark (AP) — The world’s biggest shipping company, Denmark’s A.P. Moeller-Maersk, said Wednesday that it had delivered its “best earnings quarter ever,” driven by higher freight rates and more contracts being signed.

Three tugboats work together to rotate the Axel Maersk container ship as it arrives into port, on Oct. 21, 2021, in Miami. The world’s biggest shipping company, Denmark’s A.P. Moeller-Maersk, says it's delivered its “best earnings quarter ever,” driven by higher freight rates and more contracts being signed. (AP Photo/Rebecca Blackwell)

COPENHAGEN, Denmark (AP) — The world’s biggest shipping company, Denmark’s A.P. Moeller-Maersk, said Wednesday that it had delivered its “best earnings quarter ever,” driven by higher freight rates and more contracts being signed.

The Copenhagen, Denmark-based company said its revenue for the first three months of the year came in at $19.3 billion, up from $12.4 billion for the same period last year. Profits before taxes came in at $7.3 billion, up from $3.1 billion a year ago.

Maersk reported that the financial impact of Russia's war in Ukraine amounted to $718 million in the first quarter. The company, which announced that it was withdrawing from Russia, said it completed its last cargo operation in a Russian port Monday.

It said it has started the process to sell its 30.75% stake in Global Ports Investments, which operates six terminals in Russia and two in Finland.

CEO Søren Skou said that while global supply chains remain under significant pressure, “we continue to demonstrate superior ability to help customers overcome logistic challenges.”

The company added that its financial performance for the year “depends on several factors and is subject to uncertainties related to the situation in Russia and Ukraine, COVID-19, bunker fuel prices and freight rates, given the uncertain macroeconomic conditions.”

Maersk operates in 130 countries and employs about 95,000 people.

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