Shipping group A.P. Moller-Maersk said on Tuesday record-high freight rates boosted quarterly earnings despite lower container volumes due to congestion at ports.
Shipping containers are transported on a Maersk Line vessel through the Suez Canal in Ismailia, Egypt July 7, 2021. Picture taken July 7, 2021. REUTERS/Amr Abdallah Dalshsaid on Tuesday record-high freight rates boosted quarterly earnings despite lower container volumes due to congestion at ports.
Maersk, which handles one in five containers shipped worldwide, said its main Ocean business is now expected to grow below that of global container demand, which is seen at 7-9% in 2021 versus previous guidance of 6-8%. "Decreasing volumes were driven by exports out of Asia due to shortage of equipment and congestions," Maersk said in a statement.Maersk also announced on Tuesday it will buy freight-forwarder Senator International, whose largest business is within air freight, along with two Boeing aircraft for an enterprise value of around $644 million.
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