Maersk earnings double despite fall in volumes

Maersk’s revenue increased by 52% in the second quarter of the year while its earnings more than doubled, as strong contract rates outweighed a 7% fall in volumes, along with higher fuel, handling, and network costs.

Although spot rates have softened from their peak earlier in the year, the company continued to sign contracts at rates above previous year levels given strong demand and continuing global supply chain congestion.

Average freight rates surged by 64% year-on-year (54% adjusted for bunker prices) to US$4,983 per 40 ft container, from both contracts and shipment rates, with the sharpest increase on trans-Pacific and Asia-Europe trades.