Headlines

Maersk records $6.8billion in Q1 2022

Maersk reported its best-ever quarter in Q1 2022 with a $6.8bn profit despite taking a $718m hit from pulling out of Russia.

Operating results hit record levels across Maersk’s ocean, logistics and services, and terminals segments.

Maersk said its ocean segment’s result was fuelled by strong contract rates boosting freight rates; logistics and services were supported by increased volumes and better margins.

Terminals’ result was driven by higher volume and storage income in North America.

This all added up to a $6.8bn profit in Q1, compared to $2.7bn in the same period in 2021, for the Danish shipping company.

First-quarter revenues were up 55% on-year to $19.3bn.

The lion’s share of a $6.9bn increase in revenue, some $6.1bn, came from the ocean segment of Maersk’s business.

The ocean segment reported a 6.7% decline in loaded volumes, driven by lower backhaul volumes in Europe and North America, said Maersk.

Loaded volumes fell across East-West, North-South and intra-regional trades, but were offset by an average 71% increase in freight rates to $4,553 per feu.

At the same time, costs were higher with an average increase in bunker prices of 54% between Q1 2021 and Q1 2022, bringing prices to $611 per tonnes.

“Freight and charter rates remained elevated in the container industry, reflecting congestions, although a gradual decline was recorded for spot/short-term contracts during Q1 relative to Q4 2021, in line with the deterioration of supply-demand,” Maersk said in its Market Insights.

“The continued congestions and dislocation of supply and demand fundamentals in the logistics industries increases the uncertainty surrounding the rates outlook.

On the demand side, a reduced impact from the COVID-19 pandemic should support the global economy, but the composition of spending is likely to rebalance towards services, and sharply rising prices for some goods may lead consumers to adjust their spending plans.”

Maersk continued its acquisition binge in the quarter, and completed its purchase of Pilot Freight Services.

Outstanding acquisitions include LF Logistics, expected to close in Q3, Senator International expected in Q2 2022, and a JV with Grindrod Intermodal Group expected in close in Q3 2022.

Maersk decided in the wake of Russia’s invasion of Ukraine to completely withdraw from Russia.

Its last cargo operation in a Russian port was completed on May 2.

The biggest impact on EBIT was $485m on terminals, followed by $162m on the ocean, $53m on logistics and services and $18m on towage & maritime services.

Maersk’s withdrawal from Russia includes divestment of shares in Global Ports Investments, the exit of two Russian warehouses, and an end to Svitzer towage services in Sakhalin.

Maersk restated its updated guidance issued on April 26 of a $30bn underlying EBITDA for 2022.

Customs

Tinubu celebrates Adeniyi on his 59th birthday

–lists his achievements

Funso OLOJO

President Bola Ahmed Tinubu has joined millions of well wishers across the globe to celebrate Adewale Adeniyi, the Comptroller-General of Customs, Adewale Adeniyi as he turns 59 years on Sunday, January 19th, 2025.

In his birthday message made available through his Special Adviser on information and strategy, Bayo Onanuga, Tinubu lauded the innovative and inspiring leadership of Adeniyi which he noted has impacted greatly on the image and performance of the service.

While listing the achievements of the customs in terms of revenue generation, trade facilitation, automation and digitization of the service, anti- smuggling activities as well as bolstered staff morale under the dexterious guidance of Adeniyi, President Tinubu wished him divine wisdom, robust health, and continued strength as he serves the nation.

“Under his guidance, the agency has witnessed significant progress through the steady digitalisation and automation of its operations, a renewed commitment to professionalism, and an uplift in officers’ morale, enhancing high performance.

“His leadership has enabled the NCS to surpass revenue targets substantially and bolstered trade facilitation, yielding widespread positive effects on the national economy.

“President Tinubu applauds the innovative anti-smuggling strategies initiated by the Customs Chief.

“These strategies encompass equipping the youth with new skills for alternative livelihood opportunities, fostering engagements with traditional institutions, and nurturing a culture of effective communication and mutual respect.

“The President recognises the Comptroller-General’s other notable achievements, including the remarkable seizures of arms and ammunition and the revitalisation of the Comptroller-General’s Annual Conference, which aims to assess and enhance the agency’s operations.

“President Tinubu affirms that Adeniyi’s extensive experience of over 30 years in service and adaptability to change has greatly enriched the Customs Service.

“The President offers prayers for divine wisdom, robust health, and continued strength for Comptroller-General Adeniyi as he serves the nation.

Headlines

EFCC discovers Yahoo training school in Benin city

-arrests 25 students undergoing training in cybercrimes

Funso OLOJO

The operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, (EFCC) has on Thursday January 16th, 2025, uncovered a Yahoo academy in Benin city, Edo State, where young Nigerians are undergoing training in the act of internet fraud.

During the raid, the anti- graft agency arrested 25 suspected internet fraudsters in the cybercrimes training centre

The suspects’ arrest at their hideout was triggered by credible intelligence that indicated the apartment being used as a yahoo academy or training school for internet-related fraud and other fraudulent activities.

Items recovered from the suspects include six exotic cars, laptops and phones.

The suspects will be charged to court as soon as investigations are concluded.

Customs

Onyeka, Tin Can CAC, set to pursue revenue generation aggressively

— vows to surpass 1 trillion naira revenue record

Funso OLOJO

The Area Controller of the Tin Can island command of the Nigeria customs service, Comptroller Frank Onyeka, has set an ambitious goal of meeting and surpassing the one trillion naira revenue mark achieved last year by his predecessor, ACG Dera Nnadi.

It would be recalled that the command was given a revenue target of N1.4 trillion in 2024 while it realized a little about N1.226 trillion ,an unprecedented record that was never achieved in the history of the command.

Meanwhile, Comptroller Onyeka, has vowed to sustain the revenue momentum as he would aggressively pursue revenue collection.

Speaking while playing host to the Executive council of the Maritime Reporters Association of Nigeria(MARAN) which paid him a courtesy visit in his office on Friday, January 17th, 2025, the Customs chief disclosed his strategy to carry out his assignment.

According to him, he would facilitate legitimate trade, ensure 100 percent examination of all imports while he would energise his men and officers to key into his vision.

“I’ll facilitate trade, but it has to be legitimate trade. That’s what I feel I should do in the strict sense.

“You know, I’m coming from the aspect of revenue. So, it is my prayer and my hope to meet my target and surpass it.

“But principally, what I am going to fight is the ability to do this job without examination.

“I have appealed to my officers, whatever it is they have to do, let them see the containers, once we’ve examined them, everything should be on cruise control because if you examine, you’ll now know if it’s supposed to go out or not.

“I’ve involved Customs Intelligence Unit, CIU, I’ve involved Valuation Unit, I’ve spoken to all relevant Units and it’s my prayer, by the grace of God, that all of us will be on the same page to make sure that the renewed hope agenda of President Bola Ahmed Tinubu is brought to fruition” he noted.

He was full of gratitude to the Comptroller General of Customs, Bashir Adewale Adeniyi , for the confidence reposed in him and vowed never to disappoint him.

“I also appreciate the fact that our indefatigable Comptroller General Of Customs, CGC Bashir Adewale Adeniyi to whom I’m very grateful.

“He needs to be made to know that he didn’t make any mistake for him to have brought me here.

“I am very grateful to him and his management team, and I need to make him proud” he enthused.

Comptroller Onyeka also vowed to build on the foundation that has been laid by his predecessor, Assistant Comptroller General Dera Nnadi.

“In anti-smuggling, he did well. In revenue generation, he did superbly well, same goes for infrastructure development.

“His Public Relations was top-notch, which I’m going to leverage.

“He was fortunate to have what I consider a very fantastic rapport with the media because that’s his background. I intend to leverage that. I intend to do better in that aspect” he added.

Earlier, in his address, the President of MARAN, Mr Godfrey Bivbere expressed the willingness of the association to partner with the CAC and the Command to achieve the target ahead of the command.

He reiterated the firm resolution of the association to accord Comptroller Onyeka the same support accorded to his predecessor.