Kang Wan Chern Assistant Business Editor Even as it delivered record results for the first quarter of 2022 due to higher freight rates and stronger contracts, Danish shipping line A.P. Moller-Maersk warned on Wednesday that inflationary pressures and falling demand may well shrink margins and slow container shipping volumes for the rest of the year.
Revenue for the quarter between January and March was up 55 per cent year on year to US$19.3 billion (S$26.5 billion) while earnings before interest, taxes, depreciation and amortisation more than doubled to US$9.1 billion for the same period, Maersk reported.
"In Q1, we delivered the best earnings quarter ever in A.P.
Moller-Maersk,” the shipper's chief executive Soren Skou said in a statement.
Maersk registered growth across its ocean, logistics and terminal businesses, with earnings driven by higher freight rates and by longterm contracts being locked in at stronger levels.
This story is from the May 06, 2022 edition of The Straits Times.
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This story is from the May 06, 2022 edition of The Straits Times.
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