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.
Minnesota Attorney General Keith Ellison is slated to lead off opening statements expected for Tuesday in his state's lawsuit against Juul Labs – marking the first time any of the thousands of cases against the e-cigarette maker over its alleged marketing to young people is going to play out in a courtroom.
Neuralink, Elon Musk's brain implant venture, is reaching out to major U.S. neurosurgery centers to potentially begin testing its devices on humans, according to a Reuters report.
Lyft co-founders Logan Green and John Zimmer are relinquishing their leadership roles to make way for a former Amazon executive as the ride-hailing service struggles to recover from the pandemic while long-time rival Uber has been regaining its momentum.
The Fed's vice chair for supervision will testify Tuesday that the central bank will look into the possibility that a 2018 law contributed to SVB's collapse by allowing them to keep less cash on hand.
Tom Wheelwright, certified public accountant and CEO of Wealthability, joined Cheddar News to explain what the benefits are for married couples to either separately or jointly file taxes.
