Maersk reports ‘extraordinary’ $30bn profit for 2022, predicts far lower result this year


Maersk reports that 2022 proved an exceptionally strong year with the company posting an extraordinary financial performance in line with its full-year guidance; Revenue increased by 32% to $81.5bn, and EBIT increased 57% to $30.9bn.

The unprecedented financial results were driven by solid performance across all businesses during the abnormal market conditions in the first part of the year. Ocean delivered the strongest result on record due to the high freight rates and strong demand, particularly in the first half of the year. Ocean revenue was up 33%.

In Logistics & Services, revenue increased by 47%, with an organic contribution of 21%. The organic revenue growth came primarily from top 200 customers as the business continues to develop integrated solutions to meet end to end supply chain needs. Growth was particularly strong in warehousing where the footprint more than doubled to 7.1m sqm with the acquisition of LF Logistics alone adding 198 warehouses or 3.1m sqm.

In Terminals, EBIT adjusted for the Russia exit reached a record of USD 1.2bn, supported by solid volumes growth and high congestion related storage income. Based on a combination of tariff increases and efficiencies the impact of high global inflation has been mitigated.

For 2023, Maersk expects that inventory correction will be complete by the end of the first half leading to a more balanced demand environment. Global GDP growth is expected to be muted and global ocean container market growth to be in a range of -2.5% to +0.5%. Based on these assumptions, it predicts an underlying EBITDA of $8-11 bn for the Group in 2023 with an underlying EBIT of $2-5bn.