Freight rates and long-term contracts offset drop in volumes for Maersk

Maersk delivered record results in the first quarter of this year, driven by higher rates and strong long-term partnerships with customers seeking end-to-end supply chain support, offsetting a 7% drop in ocean volumes.

Revenue was up 55% to US$19.3bn, while EBITDA more than doubled to US$9.1bn and free cash flow increased to US$6bn.

The average loaded freight rates increased by 71%, due to both contracts and shipment rates on routes from Asia to Europe and to North America, while capacity shortages continued to disrupt the supply-side of the logistics industry.