Shipping company Maersk sees record quarter as demand surges

Copenhagen, May 4 (BUS): AP Moeller-Maersk, the world’s largest shipping company, announced Wednesday that it had its “best quarterly profit ever”, driven by higher freight rates and the signing of more contracts.

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

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

The company, which announced its withdrawal from Russia, said it completed its last shipment at a Russian port on Monday, according to the Associated Press.

It said it had begun the process of selling its 30.75% stake in Global Ports Investments, which operates six terminals in Russia and two in Finland.


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