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Maersk record earnings could be high-water mark

[ November 2, 2022   //   ]

AP Moller Maersk reported higher earnings in its three main businesses – Ocean, Logistics & Services and Terminals – in the third quarter of 2022 compared to the same quarter last year. Revenue increased by 37%, and earnings increased around 60%. It said that ocean freight rates, which have driven the exceptional results 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 it expects ocean earnings to come down in the coming periods. The war in Ukraine, an energy crisis in Europe, high inflation, and a looming global recession will weigh on consumer purchasing power.

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