The world’s greatest shipping firm, the Denmark-based A.P. Moeller-Maersk, said Wednesday that it had the best-ever earnings quarter, that was driven by increased freight rates coupled with more contracts that had been signed.
The Denmark-based shipping major said its revenue during the first three months in 2022 touched $19.3 billion from $12.4 billion for the same period in 2021. Profits before taxes came in at $7.3 billion up from $3.1 billion about one year ago.
Maersk reported that the financial impact of the war in Ukraine results in $718 million in the first quarter. The firm that has declared its decision to withdraw from Russia, highlighting that it had completed the final cargo operation at a Russian port on Monday.
The firm has reported that it has begun the process of selling 30.75% stake in Global Ports Investments that operates two in Finland and six terminals in Russia.
Søren Skou, the firm’s CEO, added that while global supply chains continue to be under pressure, they continue demonstrating top-notch ability to help customers get rid of logistic challenges.
The firm added that the financial performance for the year is reliant on multiple factors and is subject to uncertainties associated with the situation in Russia and Ukraine, COVID-19, freight rates and prices of bunker fuel, given the unforeseen macroeconomic conditions.
Maersk employs nearly 95,000 people and operates in about 130 countries.