Record year in store for Maersk
While many sectors struggle, logistics company Maersk expects a record year. Based on its strong first half of 2022, Maersk has upgraded its forecast for the 2022 financial year. Revenue for the quarter grew to US$21.7bn from last year’s US$14.2bn, while EBITDA and EBIT increased to US$10.3bn and US$9bn respectively.
Søren Skou, chief executive of Maersk, said:
“We delivered an exceptionally strong result for the second quarter and consequently recorded the 15th quarter in a row with year-on-year earnings improvements. We are pleased with our performance across the business in first half of 2022, which clearly demonstrates the progress and great work by the entire Maersk team, transforming the company towards becoming a global, integrated logistics company.”
“Volumes in ocean were softer as congestion continued and the war in Ukraine weighed on consumer confidence, particularly in Europe.”
“However, in logistics we grew volumes above the market as our ocean customers continue to buy into our value proposition, resulting in organic revenue growth of 36 per cent – notching up the sixth quarter in a row of more than 30 per cent organic growth.”
Freight rates dropped slightly during the quarter but remained high as supply chain congestion increased across the globe. For the full year, Maersk said it was anticipating an underlying EBITDA of around US$37bn, an underlying EBIT of around US$31bn and a free cash flow above US$24bn.