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Maersk hails ‘extraordinary’ results

[ February 10, 2023   //   ]

AP Moller-Maersk said it “delivered extraordinary financial performance” in its 2022 results, with revenue up 32% to US$81.5bn, and EBIT earnings increased 57% to $30.9bn. This was driven by solid performance across all businesses during the abnormal market conditions in the first part of the year. However, as congestion eased and declining consumer demand led to a significant de-stocking in all segments, the expected normalisation of the Ocean market kicked in during the final stretch of year.

Ocean delivered the strongest result on record due to high freight rates and strong demand, particularly in the first half of the year with revenue up 33%. Logistics and services, revenue increased by 47%, with an organic contribution of 21%. Growth was particularly strong in warehousing where the footprint more than doubled to 7.1m sq m with the acquisition of LF Logistics alone adding 198 warehouses or 3.1m sq m.

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