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Sunday, 16/01/2022, 22:43 (GMT +7)
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Maersk's Q4 2021 business results exceeded expectations as freight rates increased by 80%
A.P. Moller - Maersk said preliminary business results for the fourth quarter of 2021 beat expectations, with revenue of $ 18.5 billion.
Maersk's Q4 2021 business results exceeded expectations
Maersk said revenue for the final three months of 2021 was $18.5 billion, with a core operating earnings before interest, taxes, depreciation and amortization (EBITDA) of $8 billion and earnings before interest and taxes (EBIT) of $6.8 billion.
The very good results were due to an 80% increase in average container freight rates for the quarter compared to Q4 2020, even as volumes in Maersk's ocean freight segment decreased by 4%.
Maersk said in its trading update: “The strong result in the quarter reflects the continuation of the exceptional market situation within Ocean caused by the global disruptions to the supply chains, which have led to further increase in container freight rates.”
“Consequently, given the strong performance in Q4 2021 the preliminary full-year figures for 2021 will exceed our previous guidance… now reporting an underlying EBITDA of USD 24bn (previous guidance of USD 22-23bn), an underlying EBIT of USD 19.8bn (previous guidance USD 18-19bn) and a free cash flow (FCF) of USD 16.4bn (previous guidance minimum USD 14.5bn),” Maersk said.
Maersk is expected to release a revised outlook for the first quarter of 2022 and the whole of 2022 as part of its 2021 annual report to be published next month.
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Source: Phaata.com (According to Gcaptain)
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