Logistics growth ups profit at Maersk
A.P. Moller – Maersk increased EBITDA by 14 per cent in its third quarter, driven by growth in its logistics and services division.
Turnover at the global shipping giant fell 0.9 per cent to US$10.1 billion (£7.8 billion), while EBITDA increased to US$1.7 billion.
EBITDA in logistics and services was up 34 per cent to US$94 million. It said the increase in profitability was due to higher activities in intermodal and warehousing and distribution but had been partly offset by lower turnover in air and sea freight forwarding.
Chief executive Søren Skou said: “While the global container demand, as expected, was lower in Q3 due to weaker growth in the global economy, we continued to improve our operating results.
“We are making progress across multiple fronts including our digital transformation and growth in our land-based logistics products and terminals business,” he added.
By Christopher Walton