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Maersk net profit significantly up in Q1 2022 amid higher rates, lower consumption of bunker fuel

05 May 2022

Danish integrated shipping company A.P. Møller – Mærsk A/S (Maersk) delivered record profit during the first quarter (Q1) of 2022 due to solid growth across its Ocean, Logistics and Terminals segments driven by higher freight rates and strong long-term partnerships with customers. 

“In Q1 we delivered the best earnings quarter ever in A.P. Moller – Maersk with growth across Ocean, Logistics and Terminals,”  said CEO Søren Skou in an earnings report on Wednesday (4 May). 

“The increased earnings are driven by freight rates and by contracts being signed at higher levels. While global supply chains remain under significant pressure, we continue to demonstrate superior ability to help customers overcome logistic challenges.

“In Logistics, we enjoyed strong demand for products and solutions across our portfolio leading to the 5th quarter in a row with organic growth of more than 30pct. while Terminals presented its best quarter ever.”

The company posted total net profit of USD 6.8 billion in Q1 2022 from its Ocean, Logistics & Services, and Gateway Terminals businesses, a jump from net profit of USD 2.7 billion in Q1 2021.

Total revenue across its four business segments including Towage & Maritime Services in Q1 2022 was USD 19.3 billion, an increase from revenue of USD 12.04 billion in Q1 2021.

Specifically, it’s Ocean business segment experienced a 64% revenue increase to USD 15.6 billion in Q1 2022 from USD 9.5 billion in the year before. 

Maersk’s bunker costs in Q1 2022 increased to USD 1.7 billion, from USD 1.1 billion in Q1 2021; its average bunker price in Q1 2022 was USD 611 per metric tonne (pmt), compared to USD 398 pmt during the similar period last year. 

The company consumed 2,699,000 metric tonnes (mt) of marine fuel in Q1 2022, 1.5% down from 2,744,000 mt of bunker fuel during Q1 2021. 

Bunker efficiency improved by 2.6% to 40.68 g/TEU*NM (41.81 g/TEU*NM).

The full Q1 2022 Interim Report of A.P. Moller – Maersk can be obtained from its website here.

 

Photo credit: A.P. Møller – Mærsk
Published: 5 May, 2022

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