SIMIC

DESPITE falling from the top of the rankings of the world's largest container shipping companies, Danish shipping giant has achieved strong results with increases in earnings and revenues last year.
The Copenhagen-based firm recorded total revenues of over US$81.5 billion in 2022, in comparison to $48.2 billion in 2021. Maersk also recorded total earnings before interest and taxes (EBIT) of $30.8 billion, in comparison to$19.6 billion in 2021, while its total earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2022 reached $36.8 billion, in contrast to US$24 billion in the previous year.
In the ocean sector, the company delivered the strongest result on record due to the high freight rates and strong demand, particularly in the first half of the year, increasing ocean revenue by 33 per cent. Additionally, in logistics & services sector, Maersk saw revenue grow by 47 per cent, with an organic contribution of 21 per cent.
"The organic revenue growth came primarily from top 200 customers as the business continues to develop integrated solutions to meet end-to-end supply chain needs," noted the company in its statement.
The growth was also particularly strong in warehousing where the footprint more than doubled to 7.1 million square metres with the acquisition of LF Logistics alone adding 198 warehouses translating to 3.1 million square metres.
However, earnings before interest and taxes (EBIT) in the terminal business of the company dropped by $341 million due to the divestment of Global Ports Investments (GPI) in Russia to $832 million.
For 2023 figures, Maersk sees underlying EBITDA of $8-11 billion, underlying EBIT of $2-5 billion, and free cash flow of at least $2 billion, reports Container News.
"2022 was remarkable in more than one way. While we report the best financial result in the history of the company, we have also taken the partnerships with our customers to a new level by supporting their supply chains end to end during highly disruptive times," commented Vincent Clerc, CEO of AP Moller -Maersk.