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Maersk quarterly earnings beat expectations -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Crew looks out from the container vessel, the MV Maersk McC-Kinney Moller. It berths in Singapore’s first port of call, a PSA International terminal. REUTERS/Edgar Su

COPENHAGEN, (Reuters) –Shipping company Maersk posted better-than-expected fourth quarter revenue and earnings on Friday. This was due to record container shipping freight rates.

The company’s November guidance indicated that the company had forecast $8 billion in underlying earnings before interest tax, depreciation, and amortization (EBITDA).

Maersk stated in a statement that “the strong quarter” reflects continued exceptional market conditions within the Ocean Division, which were caused by disruptions in supply chains worldwide. These have resulted in an increase in container freight prices.

Refinitiv poll showed that revenues stood at $18.5 billion against an expected $17.5 billion.

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