From gCaptain, November 2:
The world’s largest shipping line tripled its earnings in the third quarter with no end in sight to supply chain disruptions driving high freight rates.
A.P. Moller – Maersk reported record earnings in Q3, 2021 as revenue grew by 68 percent to $16.6 billion. Third quarter EBIT was up almost five times to $5.9 billion and EBITDA tripled to $6.9 billion. Return on invested capital (ROIC) increased to 34.5 pct. for the past 12 months.
“In the ongoing exceptional market situation, with high demand in the US and global disruptions to the supply chains, we continued to increase capacity and expand our offerings to keep cargo moving for our customers,” said CEO Søren Skou. “Our integrator strategy is key to supporting our customers’ end to end logistics needs by designing a more stable Ocean business, strongly growing our logistics offering and relying on automated and efficient terminals.”
This “exceptional market situation” has driven high freight rates in its Ocean segment. Third quarter revenue almost doubled to $13.1 billion from $7.1 billion in 2020, when freight rates were already recovering from COVID-19 shutdowns. Ocean EBITDA increased by $4.4 billion to $6.3 billion and EBIT improved by $4.4 billion to $5.3 billion, Maersk said. In order to “further guarantee reliable transportation,” the company’s share of long-term contracts was increased and now accounts for around 64 percent of long-haul volumes compared to 50 percent a year ago....
....MUCH MORE
November 1:Shipping: Japan's Ocean Network Express Reported A $4 Billion Profit For The Quarter Ended September 30
