Maersk profits soar with higher freight rates

Maersk, the Danish shipping behemoth, achieved a staggering profit of $3.1 billion in the third quarter, a sixfold increase over the same period last year, driven by rising freight rates. These profits translated to 21 billion Danish kroner and were part of the positive trend highlighted by CEO Vincent Clerc, with a focus on cost control and operational optimization. The company’s third-quarter revenue reached $15.8 billion, up by nearly 30%. Increased rates were a result of a crisis in the Red Sea which disrupted one of the key trade routes, leading to rerouted shipping paths that inflated freight prices. Maersk itself redirected its vessels following an attack by the Houthi movement. The company’s preemptive measures helped in avoiding the risks associated with the crisis and contributed to their substantial revenue gains.