Maersk earnings through June are close to full-year 2021 – El Mercantil

The Danish group Maersk holds record economic results in the second quarter of 2022. Revenue increased 52% to €21,307 million. Ebitda has also increased to 10,113 million euros and profits have doubled compared to the same quarter in 2021. These results are mainly the result of exceptional market conditions, although the shipping and logistics giant also highlights the strategic transformation it is undertaking to offer integrated logistics. The net result for the second quarter was 8,446 million euros and that of the cumulative first half was 15,124 million euros, more than double the profit achieved in the first half of 2021 and only 3,000 million euros less than in the entire previous exercise. With this data, Maersk forecasts an adjusted EBITDA of around 36,338 million euros for the full year 2022.

“The result is the product of maritime contracting and growth in logistics and terminals”
Soren Skou CEO of Maersk

According to the company, this forecast is based on the results of these first six months of the year and on the confidence that ocean freight rates will gradually return to normal levels by the fourth quarter of 2022. “The result was driven by strong attitudes in the maritime sector, rapid profitable growth in the logistics sector and the continued strong performance of the terminals,” explains Maersk CEO Søren Skou. Once again, it was the logistics business that has returned to “above-market” volume growth, according to Skou. “Our shipping customers continue to believe in our value proposition, resulting in 36% organic revenue growth,” says the CEO.

In the April-June quarter, the logistics division’s revenue increased 61% to €3,437.3 million from €2,128.4 million in the same period last year. During these last three months, the company has further strengthened its air transport offering with the launch of Maersk Air Cargo. However, the company recognizes the impact of closing ports in China due to its Covid-zero policy and the war in Ukraine. Cumulative sales for the half-year were 6,260.7 million euros, 51% more than in the same period of the previous year (4,133.2 million euros).


Maersk’s logistics services revenue was €3,437.3 million in the second quarter

Numbers in container shipping, the company’s core business, grew but at a slightly slower pace than other quarters, “as congestion continued and the war in Ukraine weighed on consumer confidence, particularly in Europe,” Søren Skou pointed out. Nevertheless, the business volume of this segment in this second quarter was 17,085.6 million compared to 10,864.4 million in the second quarter of 2021, an increase of 57.2%. Although freight rates have fallen compared to the maximum reached earlier in the year, the company has continued to sign contracts at higher rates than last year in the face of strong demand and “the ongoing congestion in the global supply chain,” according to the state of Maersk. In any case, the shipping group achieved sales of EUR 32,357.5 million in the first half of 2022 compared to EUR 20,156.9 million in the same period of the previous year, which corresponds to an increase of 60%.

For its part, revenue from port terminal management increased by more than 1,103.6 million euros, up 3.1% compared to the second quarter of 2021, mainly due to strong demand for imports from the United States and above-average growth in Asia as well higher storage revenue, but partially offset by higher costs. In this first half of the year, Maersk has generated revenues of €2,212.7 million in the terminal segment, compared to €1,848.6 million in the first half of 2021 (+22%).

Maersk notes that despite a slight decline this second quarter, global demand for logistics services has continued to weaken across supply chains, coupled with “historically high” freight prices. The company estimates that global container volume fell by 2.3% compared to the second quarter of 2021, while air freight fell by 9.4%. In this regard, Maersk expects global container demand to range between -1% and 1% in 2022, although this points more to the negative side of the range. Geopolitical uncertainty and rising inflation due to rising energy prices continued to weigh on consumer confidence and growth expectations.

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