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November 3, 2021updated 16 Nov 2021 7:26am

Maersk records $16.6bn revenue in Q3 2021

Benefitting from high freight rates, revenue at the company’s ocean business increased from $7.1bn to $13.1bn.

A P Moller-Maersk has reported revenues of $16.6bn in the third quarter of the year, a 68% jump from $9.9bn in the same quarter of 2020.

The company’s EBITDA grew to $6.9bn from $2.3bn while EBIT surged almost five-fold to $5.9bn.

A P Moller-Maersk CEO Søren Skou said: “In the ongoing exceptional market situation, with high demand in the US and global disruptions to the supply chains, we continued to increase capacity and expand our offerings to keep cargo moving for our customers. Our integrator strategy is key to supporting our customers’ end to end logistics needs by designing a more stable ocean business, strongly growing our logistics offering and relying on automated and efficient terminals.”

Benefitting from high freight rates, revenue at the company’s ocean business increased from $7.1bn to $13.1bn. In this segment, EBITDA rose by $4.4bn to $6.3bn while EBIT grew to $5.3bn from $968m.

In the case of logistics and services, revenue soared 38% year-on-year to $2.6bn.

The firm attributed the rise to ‘strong activity’ across all products and ‘strong commercial synergies’ with top 200 ocean clients.

Additionally, Gateway Terminals business’ revenue shot up from $816m to $1bn, with a 9.6% rise in volumes.

The surge in volume was driven by North America, Latin America and Asia, with prolonged opening times and improved capacity utilisation.

Furthermore, Maersk acquired an international freight forwarding company, namely Senator International, in an attempt to grow its multi logistics offering.

In September, the firm entered into an agreement to sell its reefer manufacturing business, Maersk Container Industry, to China International Marine Containers.

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