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AP Moller-Maersk has recorded growth in its first-quarter performance, driven by its ocean, logistics and terminal businesses, although its earnings before interest and tax (EBIT) were lowered by $718m due to the Russia-Ukraine conflict.

The rise in earnings in the first three months of the year was attributed to rising freight rates amid supply-chain disruptions.

Of the $718m hit from the impact of the Russian invasion, $627m was due to impairment losses while the other $91m was due to a rise in operating costs.

Maersk had previously said that it would halt all operations in Russia and Belarus as a result of Russia’s military offensive against Ukraine.

Currently, it has paused all vessel operations in Russia as well as services in Belarus.

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By GlobalData

The company also plans to shut down its offices in Far East Russia, Novorossiysk and Kaliningrad this summer.

It will operate its offices in Saint Petersburg and Moscow until the end of the year, while its Belarus office will also be closed during the summer.

The Danish shipping company’s revenue surged 55% to $19.3bn in Q1 2022, from $12.44bn in the same quarter a year ago.

This included a 64% jump in revenue in the ocean segment to $15.6bn, a 41% rise in the logistics segment to $2.9bn and growth in revenue in the terminals segment to $1.1bn.

The firm’s earnings before interest, taxes, depreciation and amortisation (EBITDA) soared to $9.1bn, from $4.04bn. Free cash flow soared 153.5% year-on-year to $6.01bn.

Maersk CEO Søren Skou said: “In Q1 we delivered the best earnings quarter ever in AP Moller-Maersk, with growth across ocean, logistics and terminals.

“The increased earnings are driven by freight rates and by contracts being signed at higher levels.”