Shipping company Maersk sees record profit as demand surges

COPENHAGEN, Denmark (AP) — Denmark’s A.P. Moeller-Maersk says 2021 was the most profitable year yet for the world’s biggest shipping company. It reported Wednesday that profits before taxes reached $18.7 billion last year as surging demand from a rebounding global economy led to supply chain logjams. The figure soared from $3.3 billion in 2020. The company’s CEO says “exceptional market conditions led to record-high growth and profitability.” He noted that customers faced “chain disruptions and severe challenges” and that the record-high rates caused by pandemic-related congestion at ports, shipping container shortages and a surge in consumer demand drove Maersk’s record profits.