In addition to the continued exceptional market situation, the record results were also due to Maersk's strategic realignment with a much stronger focus on integrated logistics solutions instead of just sea freight (Ocean). Due to the strong performance in the first half of 2022, Maersk has increased both its forecast for the full year 2022 and the current share buyback program.

"We delivered an exceptionally strong result in the second quarter - the 15th consecutive quarter with a year-on-year improvement in earnings. We are very pleased with our performance in the first half of 2022. It is also a testament to the good progress and great work of the entire Maersk team in transforming the company into a global, integrated logistics company," says Soren Skou, CEO of A.P. Moller - Maersk.

In the second quarter, sales rose to USD 21.7 billion. EBITDA and EBIT improved to USD 10.3 billion and USD 9.0 billion respectively. Free cash flow increased to USD 6.8 billion. Net income amounted to USD 8.6 billion in the second quarter and USD 15.4 billion in the first half of the year. The return on invested capital (ROIC) amounted to 62.5% in the last twelve months.

"The result was achieved thanks to strong contract rates in the ocean freight business, rapid and profitable growth in the logistics business and the continued very solid performance of the terminal business. The development of transport volumes in the Ocean business was weaker, as there were still bottlenecks and the war in Ukraine had a negative impact on consumer confidence, particularly in Europe. However, volumes in our logistics business grew faster than the market, as our Ocean customers continue to be convinced of the added value of our integrated logistics services. This resulted in organic sales growth of 36 percent in this area - the sixth consecutive quarter of organic growth of over 30 percent in our logistics business," Soren Skou continues.

In the Ocean business, revenue rose to USD 17.4 billion and EBIT to USD 8.5 billion in the second quarter. The higher freight rates were partially offset by a 7.4 percent drop in transport volumes and higher fuel, handling and network costs. Although spot rates have weakened compared to the highs in the year to date, strong demand and ongoing bottlenecks in global supply chains meant that contracts with customers could still be concluded at rates above the previous year's level.

Maersk maintained its strong momentum in selling integrated logistics solutions to its customers in the second quarter. Sales in the logistics segment rose by 61 percent to USD 3.5 billion. EBIT increased to USD 234 million, mainly due to higher volumes from new customers and increasing order volumes from existing logistics customers. Maersk continues to invest consistently in its logistics portfolio: The acquisitions of logistics specialist Pilot Freight Services and global air freight expert Senator International were completed in the second quarter. Maersk also strengthened its air freight offering by establishing Maersk Air Cargo.

In the Terminals division, sales rose to USD 1.1 billion and EBIT to USD 316 million, which was primarily due to strong import demand in the USA and above-market growth in Asia, as well as higher income from container storage. However, this was also offset by higher costs.