# Maersk triples quarterly profit despite lower container volumes
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-02
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Maersk profits soar with record-high freight rates
Meta Description: Learn how A.P. Moller-Maersk's quarterly earnings were boosted by record-high freight rates despite lower container volumes. Find out about their growth
URL: https://financedigest.com/maersk-triples-quarterly-profit-despite-lower-container-volumeshtml

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COPENHAGEN (Reuters) – Shipping group A.P. Moller-Maersk on Tuesday said record-high [freight](https://www.financedigest.com/shipping-stocks-rise-biggest-gainers-in-europe-at-start-of-2024.html) rates boosted quarterly earnings despite lower container volumes due to congestion at ports.

The coronavirus pandemic has prompted a shortage of container [ships and logjams at ports](https://www.financedigest.com/turkey-says-five-more-grain-ships-leave-ukrainian-ports.html "Turkey says five more grain ships leave Ukrainian ports") at a time of high consumer spending, pushing the cost of transporting [freight](https://www.financedigest.com/shipping-stocks-rise-biggest-gainers-in-europe-at-start-of-2024.html) to record levels.

Maersk said its main Ocean [business is now expected to grow](https://www.financedigest.com/5-ways-to-grow-your-business-despite-a-bad-credit-score.html "5 Ways to Grow Your Business despite a Bad Credit Score") by an amount below that of global container demand, which is seen at 7-9% in 2021 versus previous guidance of 6-8%.

It also said it will buy freight-forwarder Senator International, whose largest business is within air [freight,](https://www.financedigest.com/shipping-stocks-rise-biggest-gainers-in-europe-at-start-of-2024.html) along with two Boeing aircraft for an enterprise [value of around](https://www.financedigest.com/metal-powder-market-is-projected-to-reach-a-market-value-of-around-us-20-bn-by-2031.html "Metal Powder Market is projected to reach a market value of around US$ 20 Bn by 2031") $644 million.

Maersk’s ongoing transformation from a container shipping giant into an integrated logistics company has [accelerated following its strong performance during the pandemic](https://www.financedigest.com/post-pandemic-tech-innovation-the-role-of-accelerators-and-5g-testbeds.html "Post pandemic tech innovation: The role of accelerators and 5G testbeds").

It said final third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) tripled to $6.9 billion compared with a preliminary figure of close to $7 billion issued on Sept. 16, when the company also [lifted its 2021 forecasts](https://www.financedigest.com/mercedes-benz-lifts-profit-forecast-as-luxury-cars-boom.html "Mercedes-Benz lifts profit forecast as luxury cars boom").

It also said it would extend its existing [share buy-back programme by an additional $5 billion](https://www.financedigest.com/novartis-launches-new-11-billion-share-buyback.html "Novartis launches new billion share buyback") over the years 2024 and 2025.

(Reporting by Stine Jacobsen, Editing by Louise Heavens, Kirsten Donovan)


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