​Maersk: rates starting to normalise

The carrier issued its full year guidance for 2022. It estimates underlying EBITDA of around USD 37 billion, and an underlying EBIT of around USD31.0 billion.

”Our third quarter result was another record and the 16th quarter in a row with year-on-year earnings growth,” said Søren Skou ceo. “Ocean freight rates, which have driven the exceptional results we have delivered in 2022, were again up both year-on-year and compared to the second quarter. However, it is clear that freight rates have peaked and started to normalise during the quarter, driven by both decreasing demand and easing of supply chain congestion.

“As anticipated all year, earnings in ocean will come down in the coming periods. Our overall transformation momentum remained very strong as we continue to grow our logistics business rapidly. For the first time, revenue in logistics exceeded USD4 billion in one quarter, and we expect to continue to outgrow the market in logistics based on new customer wins.” 

In logistics and services, Maersk completed the acquisition of LF Logistics and confirmed the planned acquisition of project forwarder Martin Bencher. The warehouse, distribution centre and cold storage footprint, meanwhile, was significantly expanded with 21 incremental facilities across key markets like Latin America, Europe and India.

Skov said: “With the war in Ukraine, an energy crisis in Europe, high inflation, and a looming global recession there are plenty of dark clouds on the horizon. This weighs on consumer purchasing power which in turn impacts global transportation and logistics demand. While we expect a slowdown of the global economy to lead to a softer market in ocean, we will continue to pursue the growth opportunities within our logistics business. As a trusted partner, we are ready to support our customers in rethinking their supply chain needs through what is likely to be a period of a more volatile business environment.”