The world’s biggest shipping company, Denmark’s A.P. Moeller-Maersk, reported Tuesday a sharp rise in earnings amid strong worldwide demand for shipments of goods as the economy bounces back from the coronavirus pandemic.
The Copenhagen-based company said revenue grew nearly 68% in the third quarter, to a record-high $16.6 billion, up from $9.9 billion in the same three-month period last year. It reported profits of $5.5 billion, up from $947 million in the same period last year.
“In the ongoing exceptional market situation, with high demand in the U.S. and global disruptions to the supply chains, we continued to increase capacity and expand our offerings to keep cargo moving for our customers,” CEO Soren Skou said.
The urgent need for more shipping capacity comes amid soaring consumer demand for everything from cars to furniture and labor shortages in the rebounding economy, leading to major backups at ports and higher prices. The supply chain issues have caused a shortage of key equipment: shipping containers.
In a statement, Maersk said its key ocean business is now “expected to grow below the global container demand" amid uncertainty around the supply chain logjams.
The company also announced its intention to acquire Senator International, a global freight forwarding company with strong air freight offerings. And to expand its own air network, Maersk is adding aircraft to its operations: three leased cargo planes to be operational from 2022 and two Boeing aircraft to be deployed by 2024.
Apple's latest event announced new Mac products and new chips and the company's latest line of Macbook Pros and iMacs were unveiled.
Stocks fell in the opening session Tuesday as earnings reports continued to pour in and as investors brace for the Federal Reserve's interest-rate decision on Wednesday.
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A flow of recent data from the U.S. government has made one thing strikingly clear: A surge in consumer spending is fueling strong growth, demonstrating a resilience that has confounded economists, Federal Reserve officials and even the sour sentiments that Americans themselves have expressed in opinion polls.
The U.S. Food and Drug Administration is warning parents and caregivers not to buy or serve certain pureed fruit pouches marketed to toddlers and young children because the food might contain dangerous levels of lead.
Some pumpkin farmers in the West, particularly wholesalers in places like Colorado and New Mexico, are feeling the pinching effects of drought.
General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, three people briefed on the deal said.
Apple's 8pm ET event Monday will revolve around its iMAC computer lineup of products which are expected to contain its new faster and three next-generation silicon chip.
McDonald's reported better-than-expected profit and sales in the third quarter.
Major stock indexes are slated to close lower this month as investors brace for the Federal Reserve's rate decision and ahead of new jobs data.
