World’s Largest Shipping Company Reports 68% Revenue Increase

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Copenhagen: The world’s largest shipping company, Danish company AP Moeller-Maersk, on Tuesday announced a sharp increase in profits amid strong global demand for cargo shipments as the economy rebounds from the coronavirus pandemic.

The Copenhagen-based company said its revenue grew nearly 68% in the third quarter, to a record $ 16.6 billion, from $ 9.9 billion in the same three-month period. ‘last year. It reported profits of $ 5.5 billion, up from $ 947 million in the same period last year.

“In the current exceptional market situation, with strong demand in the United States and global supply chain disruptions, we have continued to increase capacity and expand our offerings to keep freight moving for our customers. customers, ”CEO Soren Skou said.

The urgent need to increase shipping capacity comes amid growing consumer demand for everything from cars to furniture and labor shortages in the recovering economy, resulting in major safeguards at ports and higher prices. Supply chain issues have resulted in a shortage of key equipment: shipping containers.

In a statement, Maersk said its key ocean business is now expected to “grow short of global container demand” amid uncertainty surrounding supply chain bottlenecks.

The company also announced its intention to acquire Senator International, a global freight forwarding company with strong air freight offerings. And to extend its own air network, Maersk is adding planes to its operations: three leased cargo planes that will be operational from 2022 and two Boeings that will be deployed by 2024.

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