Shipping company Maersk posts record quarter as demand increases

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COPENHAGEN, Denmark (AP) — The world’s largest shipping company, Denmark’s AP Moeller-Maersk, said on Wednesday it achieved its “best quarter of profits ever,” thanks to higher freight rates. high and the signing of new contracts.

The Copenhagen, Denmark-based company said its revenue for the first three months of the year was $19.3 billion, compared to $12.4 billion for the same period last year. Pretax profits were $7.3 billion, down from $3.1 billion a year ago.

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

He said he has begun the process of selling his 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 a superior ability to help customers overcome logistical 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, account given the uncertain macroeconomic conditions”.

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

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