Shipper Maersk reports most profitable year, warns of drop

COPENHAGEN, Denmark (AP) — The world’s biggest shipper, Denmark’s A.P. Moeller-Maersk, says 2022 was its most profitable year but warned that a plunge in container volumes and freight rates would lead to a drop in earnings this year. In its full year report Wednesday, Maersk said its full-year revenue increased by 32%, to $81.5 billion compared with a year earlier. But revenue and profits before taxes shrunk in the last three months of 2022 compared to the same period a year earlier. The Copenhagen-based company said the economic outlook shifted during 2022 and shocks like high inflation and more spending on services instead of goods weighed on economic activity and supply chains.