Maersk Air Cargo Volumes Surge as Ocean Freight Division Grapples with Plummeting Rates
Maersk reported a significant downturn in its first-quarter financial results, with overall revenue and profit falling sharply due to collapsing ocean freight rates. Despite a 9% rise in container volumes, the Ocean division's revenue was nearly halved compared to the previous year. In a stark contrast, Maersk's air freight segment demonstrated strong performance, with volumes increasing by 19% year-on-year. This growth in air cargo, alongside a 14% revenue increase in its Logistics & Services arm, provided a bright spot in an otherwise challenging quarter. The results highlight a strategic shift and growing reliance on air freight for the logistics giant amid ocean market normalization.
Official Source: https://theloadstar.com/maersk-volumes-surge-as-rates-slump-hitting-ocean-while-air-grows/
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