A crane loads a shipping container branded A.P. Moller-Maersk onto a freight ship.
Balint Porneczi | Bloomberg | Getty Images
Maersk, the world’s largest container shipping firm, has posted a sharp increase in second-quarter earnings as congestions and bottlenecks continue to drive up shipping rates.
The company on Friday reported earnings before interest, tax, depreciation and amortization (EBITDA) of $5.1 billion, a 200% increase from the $1.7 billion reported in the same period last year. Revenues were up almost 60% to $14.2 billion.
Container shipping rates have skyrocketed as the global economy bounced back from the Covid-19 pandemic and commodity demand recovered, while a shortage of containers exerted pressure on supply chains. More recently, a combination of rising retailer orders and slower turnaround rates due to Covid-19 outbreaks in several countries has driven prices even higher.
“Right now in container shipping we have…