- The Danish giant, widely seen as a barometer for global trade, reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $10.9 billion for the quarter.
- CEO Soren Skou said the “exceptional results” were driven by a continued rise in ocean freight rates, but said it was clear that these have peaked and will begin to normalize in the fourth quarter.
Maersk, one of the world’s largest container shipping firms, on Wednesday posted record profit for the third quarter on the back of high ocean freight rates, but noted a slowdown in demand.
The Danish giant, widely seen as a barometer for global trade, reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $10.9 billion for the quarter, above consensus analyst projections of $9.8 billion and up around 60% from the same period a year ago.
The company confirmed its full-year guidance for underlying EBITDA of $37 billion and free cash flow above $24 billion.
CEO Soren Skou said the “exceptional results” this year were driven by a continued rise in ocean freight rates, but said it was clear that these have peaked and will begin to normalize in the fourth quarter amid falling demand and an easing of supply chain congestion. Skou flagged that earnings in Maersk’s ocean operations will come down in the coming months.
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