AP Moeller-Maersk announces acquisition of Senator International and order for additional aircraft

By Dominic Chopping

AP Moeller-Maersk AS said on Tuesday that the current strong demand, high freight rates and supply chain disruptions will continue at least until the first quarter of 2022, as it confirmed its forecast for the year. entire company and increased its share buyback program by $ 5 billion during the years 2024 and 2025.

Maersk also announced the acquisition of global freight forwarder Senator International to expand its air freight offering in a deal worth $ 644 million. As part of the deal, Maersk leased three cargo planes and ordered two new Boeing B777s.

The Danish shipping giant experienced supply chain bottlenecks, port congestion and increased demand as container capacity remained limited, resulting in 87% higher freight rates in the quarter compared to last year while shipping volumes fell 0.6% due to equipment shortage and congestion.

The company posted quarterly net profit of $ 5.44 billion, from $ 927 million, as revenue rose 68% to $ 16.61 billion. A FactSet poll found a net profit of $ 5.24 billion on revenues of $ 16.34 billion.

Maersk said global container demand will now increase from 7% to 9% in 2021, from 6% to 8%, and that its ocean unit will now grow below that level due to congestion and network disruption.

The company sees Q1 2022 EBITDA in line with Q4 2021, he added.

Write to Dominic Chopping at [email protected]

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