GLOBAL shipping giant Maersk reported its biggest ever full-year profit in 2022, amid soaring freight prices and easing bottlenecks following the Covid pandemic.

Maersk posted a net profit of US$29.2 billion (RM125.53 billion), the highest earnings ever reported by a Danish company.

Sales rose by 32% to US$81.5 billion.

Gross operating profit, EBITDA, more than doubled to US$36.8 billion, owing to lower costs and optimisations in the logistics chain.

Demand for shipping plunged at the start of the pandemic, but bounced back strongly from mid-2020 until mid-2022, leading to bottlenecks on trade routes and causing massive disruption in supply chains.

The company’s “Ocean” unit posted its best ever profit last year, up 33% from the previous year.

Maersk said its earnings remained stable in the second half despite congestion easing and lower demand.

For 2023, the group forecast an EBITDA of between US$8 and 11 billion.

Since the 2017 sale of its oil division to TotalEnergies, Maersk has undergone a vast restructuring aimed at focusing on transport and logistics. 

Its drilling subsidiary, listed on the Copenhagen stock exchange since April 2019, merged with its US rival Noble Corporation in 2021. – AFP, February 8, 2023.