Shipping company Maersk sees record quarter as demand surges

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Copenhagen, May 4 (BNA): The world’s biggest shipping company, Denmark’s A.P. Moeller-Maersk, said Wednesday that it had delivered its “best earnings quarter ever,” driven by higher freight rates and more contracts being signed.


The Copenhagen, Denmark-based company said its revenue for the first three months of the year came in at $19.3 billion, up from $12.4 billion for the same period last year. Profits before taxes came in at $7.3 billion, up from $3.1 billion a year ago.


Maersk reported that the financial impact of Russia’s war in Ukraine amounted to $718 million in the first quarter.


The company, which announced that it was withdrawing from Russia, said it completed its last cargo operation in a Russian port Monday, reports AP.


It said it has started the process to sell its 30.75% stake in Global Ports Investments, which operates six terminals in Russia and two in Finland.