With Impressive Q3 Results, Maersk Keeps Breaking Records


In comparison to the same quarter last year, Maersk (Maersk) posted solid results in Q3 2022, with improved profitability across all three key businesses: ocean, logistics & services, and terminals. In comparison to Q3 2021, revenue climbed by 37%, and EBITDA and EBIT both increased by over 60%. The major factors behind the better performance were the strategic transformation’s ongoing momentum, Logistics expansion, and Ocean contract rates exceeding those of the previous year.

Exceptional results 

“Our third quarter result was another record and the 16th quarter in a row with year-on-year earnings growth. Ocean freight rates, which have driven the exceptional results we have delivered in 2022, were again up both year-on-year and compared to the second quarter. However, it is clear that freight rates have peaked and started to normalize during the quarter, driven by both decreasing demand and easing supply chain congestion. As anticipated all year, earnings in Ocean will come down in the coming periods. Our overall transformation momentum remained very strong as we continue to grow our Logistics business rapidly. For the first time, revenue in Logistics exceeded USD 4bn in one quarter, and we expect to continue to outgrow the market in Logistics based on new customer wins.”

Søren Skou, CEO of A.P. Moller – Maersk

Increased revenue

Revenue for Q3 increased to USD 22.8bn, EBITDA increased to USD 10.9bn and EBIT increased to USD 9.5bn. Profit was USD 8.9bn for Q3 and USD 24.2bn for the first nine months. Return on invested capital (ROIC) was at 66.6 pct. for the past 12 months.

“With the war in Ukraine, an energy crisis in Europe, high inflation, and a looming global recession there are plenty of dark clouds on the horizon. This weighs on consumer purchasing power which in turn impacts global transportation and logistics demand. While we expect a slowdown of the global economy to lead to a softer market in Ocean, we will continue to pursue the growth opportunities within our Logistics business. As a trusted partner, we are ready to support our customers in rethinking their supply chain needs through what is likely to be a period of a more volatile business environment.”

Søren Skou, CEO of A.P. Moller – Maersk

Higher freight rates

Revenue in Ocean increased over the course of the quarter to USD 18 billion, and EBIT increased to USD 8.7 billion, primarily due to significantly higher freight rates on contract and shipment on routes from Asia to Europe and to North America, which were partially offset by a decline in volumes and by higher costs related to the bunker, container handling, and network.

Maersk continued to expand its range and skills in Logistics & Services. The warehouse, distribution centre, and cold storage footprint were significantly expanded with 21 additional facilities across key markets like Latin America, Europe, and India after the acquisition of LF Logistics was completed, the intended acquisition of Martin Bencher Group was announced, and the acquisition of LF Logistics was completed. Logistics revenue increased by 60%. reached USD 4.2 billion, while EBIT rose to USD 258 million primarily as a result of improved volumes, particularly among Maersk’s existing top 200 clients.

Because of greater volumes and pricing as well as the successful completion of the divestiture of the Terminal’s part in Global Ports Investments in Russia, revenue at Terminals increased to USD 1.1 billion and EBIT to USD 357 million.

Market situation

Demand for logistics services moderated across global supply chains in Q3 2022. Supply-side bottlenecks continued to pose challenges, but there are signs of easing as demand slows and COVID-19-related restrictions in China diminish. Freight and charter rates declined in Q3 2022 relative to the previous quarter as the expected normalisation gained momentum through the quarter. Global container volumes are estimated to have declined –3% year-on-year in Q3 while global air cargo volumes, measured in CTKs, dropped by 9% in July/August (IATA). As a result of slowing economic activity, global container demand is expected to contract between –2 and –4% in 2022.

Guidance for 2022

Full-year guidance confirmed for underlying EBITDA of around USD 37.0bn, an underlying EBIT of around USD 31.0bn and a free cash flow above USD 24.0bn. Given the unfolding economic slowdown, which is also expected to continue into the coming year, APMM has lowered its outlook for the growth of 2022 global container demand to between –2/-4% decline from previously the lower end of the +1-/1% range. Capex guidance for 2022-2023 remains unchanged at USD 9.0-10.0bn.

Financial highlights

Highlights Q3


USD million 2022 Q3 2021 Q3
Ocean 18,018 13,093
Logistics & Services 4,182 2,601
Terminals 1,117 1,027
Towage & Maritime Services 591 486
Unallocated activities, eliminations, etc. -1,141 -595
A.P. Moller – Maersk consolidated 22,767 16,612


USD Million 2022 Q3 2021 Q3
Ocean 9,924 6,251
Logistics & Services 394 267
Terminals 391 378
Towage & Maritime Services 127 81
Unallocated activities, eliminations, etc. 26 -34
A.P. Moller – Maersk consolidated 10,862 6,943


USD Million 2022 Q3 2021 Q3
Ocean 8,734 5,337
Logistics & Services 258 194
Terminals 357 325
Towage & Maritime Services 100 35
Unallocated activities, eliminations, etc. 28 -32
A.P. Moller – Maersk consolidated 9,477 5,859


USD Million 2022 Q3 2021 Q3
Ocean 520 454
Logistics & Services 163 57
Terminals 199 59
Towage & Maritime Services 58 42
Unallocated activities, eliminations, etc. -34 -2
A.P. Moller – Maersk consolidated 906 610

Sensitivity guidance

Financial performance for A.P. Moller – Maersk for 2022 depends on several factors and is subject to uncertainties related to the situation in Russia and Ukraine, COVID-19, bunker fuel prices and freight rates, given the uncertain macroeconomic conditions.

All else being equal, the sensitivities for 2022 for four key assumptions are listed in the table below:

Factors Change Effect on EBIT

(midpoint of guidance) Rest of year

Container freight rate +/- 100 USD/FFE +/- USD 0.3bn
Container freight volume +/- 100,000 FFE +/- USD 0.2bn
Bunker price (net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.1bn
Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.0bn


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Source: Maersk


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