Danish shipping giant Maersk said Thursday that profits in the third quarter were six times higher than the same period last year as it maintains high prices to get trade through conflict zones.
Net profits from trading from July to September rose to $3.049 billion, while turnover rose 30% to $15.76 billion.
The world’s number two shipping operator said it expected operating profit of between $5.2 and $5.7 billion, up from a previous forecast of $3.0 billion to $5.0 billion.
“This quarter, we once again supported our customers through times of high volatility and low visibility,” said A.P. Moller-Maersk chief executive Vincent Clerc.
Maersk, like other shippers, no longer go through the Red Sea on the Asia-Europe route because of the risk of attack by Huthi rebels and now sends its vessel on the longer route around southern Africa.
“The network re-routing south of the Cape of Good Hope remained a significant driver of our cost base, impacting bunker consumption and overall operating costs,” the company said.
Freight prices have risen 54% percent above the lowest rates in the third quarter of 2023, the company said. But it still predicted a six percent rise in global container traffic for all of 2024.