COPENHAGEN (Reuters) – Shipping group Maersk

Maersk’s record-breaking freight rates, caused by congestion at ports and container shortages, as well as a rise in consumer demand led to an increase in earnings.

Soren Skou, Chief Executive of Maersk said that “exceptional market conditions” led to unprecedented growth and profitability in Maersk. However it also caused supply chain disruptions which presented severe challenges to our customers.

He said, “We expect the market to remain the same through the second quarter.”

Maersk handles approximately one fifth of all containers that are shipped around the world. Maersk increased its dividend payouts to shareholders to 47 billion Danish crowns ($7.20billion), which is 2,500 crowns each share. This compares to the 330 crowns pershare a year ago.

Maersk stated that it expected underlying earnings before interest tax, deduction and amortization to be around $24 billion in this year’s earnings. This is similar to last year but slightly lower than the $24.4 billion predicted by analysts according to a survey.

Preliminary fourth-quarter results were published by the company on January 14. They stated that an ocean-going container drop of 4% was more than offset with freight rates rising 80% relative to a year prior.

($1 = 6.5248 Danish crowns)