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Maersk net profit significantly up in Q2 2022; amid higher costs, lower consumption of bunker fuel

04 Aug 2022

Integrated container logistics company A.P. Moller – Maersk recorded significant growth in net profit for the second quarter of 2022 (Q2 2022) due to gains from its Ocean business.

The company posted total net profit of USD 8.6 billion in Q2 2022 from its Ocean, Logistics & Services, and Gateway Terminals businesses, a jump from net profit of USD 3.7 billion in Q2 2021.

Total revenue across its three business segments in Q2 2022 was USD 21.7 billion, an increase from revenue of USD 14.2 billion in Q2 2021.

Specifically, it’s Ocean business segment experienced revenue growth to USD 17.4 billion in Q2 2022 from USD 11.1 billion in the year before.

“The (Q2 2022) result was driven by strong contract rates in Ocean, rapid profitable growth in Logistics and continued solid performance in Terminals,” said Søren Skou, CEO of A.P. Moller – Maersk.

“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%, notching up the 6th quarter in a row of more than 30% organic growth.”

Maersk’s bunker costs in Q2 2022 increased to USD 2,193 billion from USD 1.295 billion in Q2 2021; its average bunker price in Q2 2022 was USD 827 per metric tonne (pmt), compared to USD 475 pmt during the similar period last year. 

The company consumed 2,651,000 metric tonnes (mt) of marine fuel in Q2 2022, 2.8% lower than 2,725,000 mt of bunker fuel during Q2 2021. Bunker efficiency decreased by 2.2% to 41.9 g/TEU*NM (41.00 g/TEU*NM).

Note: The full Q2 2022 Report of A.P. Moller – Maersk can be obtained from its website here.

 

Photo credit: A.P. Møller – Mærsk
Publishedkt: 4 August, 2022

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