Daily Management Review

Container shipping operator Maersk triples third-quarter profits


Moller-Maersk, the world's largest container shipping company, released its financial results for the third quarter.

EBITDA (earnings before interest and taxes) increased to $6.9 billion from the same time previous year. To $16.6 billion, revenue climbed by 68 percent.

The rebound of the global economy and the expansion of internet commerce in a pandemic environment aided Maersk's strong performance. Even the severe logistical scenario hasn't stopped sales and profit growth - in recent months, several ports have been clogged with ships, container ships are in limited supply, and logistics businesses are confronting a labor crisis.

"We can't unload cargo as quickly as we'd like since ports aren't running as well as they should. It's still tough to predict when things will get better. Our clients are dealing with extremely strong consumer demand and extremely low inventory levels "Sren Skou, CEO of Maersk, stated.

Despite these challenges, Maersk forecasts strong yearly performance; in September, the firm raised its EBITDA prediction for the year to $22-23 billion, about three times that of 2020.

source: bloomberg.com