https://arab.news/9hmzd
Shipping group Maersk Record-high freight rates caused by pandemic-related congestion at ports, container shortages and a surge in consumer demand helped Maersk boost earnings last year.
“Exceptional market conditions led to record-high growth and profitability in Maersk, however it also led to supply chain disruptions and severe challenges for our customers,” Chief Executive Soren Skou said in a statement.
“We see the current market situation persist into the second quarter,” he added.
Maersk, which handles about one in five containers shipped worldwide, increased dividend payout to shareholders to a total of 47 billion Danish crowns ($7.20 billion), or 2,500 crowns per share, compared to 330 crowns per share a year earlier.
Maersk said it expects underlying earnings before interest, tax, depreciation and amortization at around $24 billion this year, similar to earnings last year, but slightly below the $24.4 billion expected by analysts in a poll gathered by the company.
The company reiterated preliminary fourth-quarter results published on Jan. 14, when the company said a fall in ocean-going container volumes by 4 percent was more than offset by freight rates improving 80 percent compared with a year earlier.