An A.P. Moller-Maersk's oil rig in the North Sea named Halfdan, on Oct. 23, 2013. The world’s biggest shipping company, Denmark’s A.P. Moller-Maersk, has reported a sharp rise in earnings amid strong worldwide demand for shipments of goods. (Claus Bonnerup/Polfoto File via AP)
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.
Irrigation might have saved Jackson's hay, but she and her husband rejected the idea about 10 years ago over the cost: as much as $75,000 for a new well and all the equipment. But now — with an extended drought and another U.S. heat wave this week that will broil her land about an hour northwest of Dallas for days in 100-degree-plus temperatures — Jackson said she is “kind of rethinking.”
Children’s advocacy groups including Fairplay and Common Sense Media are asking the Federal Trade Commission to investigate Google, saying the tech giant serves personalized ads to kids on YouTube despite federal law prohibiting the practice.
U.S. regulators on Wednesday announced a settlement with the company that runs Dollar Tree and Family Dollar aimed at improving worker safety at thousands of the bargain stores across the country.
