Maersk Bounces Back in Q3
Sea Freight

Maersk Bounces Back in Q3

Industry giant sees turning tide of fortunes

TLME News Service

Maersk has reported a solid Q3, seeing an enhanced operating profit of US$925 million, while the segment's revenue grew 32%.

Despite the boost, bunker prices have still proved a strain on the business, according to CEO Søren Skou

Skou said: "I am pleased with the agreements reached in Q3 for Total S.A. to acquire Mærsk Olie og Gas A/S and A.P. Møller Holding A/S to acquire Maersk Tankers A/S, which indicates a solid progress in the separation of the Energy businesses.

“Whilst solutions for Maersk Drilling and Maersk Supply Service remain to be defined before the end of 2018, the future Maersk will leverage even further its position of strength within Transport & Logistics.

Maersk CEO Soren Skou
Maersk CEO Soren Skou

“The revenue in Transport & Logistics increased with 14% and was mainly driven by higher revenue in Maersk Line. Market fundamentals stayed positive with global container volume growth at 5% in the third quarter compared to the same period last year and an increase in nominal supply of 3%.

“However, contingency initiatives related to recovery after the cyber-attack resulted in a negative development in Maersk Line volumes of 2.5% and an increase in unit cost of 3.9% at fixed bunker prices."

Read more: Maersk First to Launch Instant Booking

Transport and Logistics ME