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.
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.
The ocean segment reported a 6.7% decline in loaded volumes, driven by lower backhaul volumes in Europe and North America, said Maersk.
“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.
Maersk continued its acquisition binge in the quarter, and completed its purchase of Pilot Freight Services.
Maersk decided in the wake of Russia’s invasion of Ukraine to completely withdraw from Russia.
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.
NIMASA set to open Lokoja office to harness waterways resources
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has disclosed that the Agency is set to reopen the Lokoja office, as part of efforts towards harnessing the Blue Economy, enhancing collaboration, while also promoting Research and Development.
The DG, who made this known when he played host to the Executive Secretary of the Kaduna State Emergency Management Agency (KADSEMA), Mal. Usman Hayatu Mazadu at the head office of the Agency in Lagos, noted that investment in research would play a major role in ensuring the harnessing of Nigeria’s maritime potentials.
“The key cardinal principle of opening the NIMASA Lokoja office is to improve on Research and Development.
He said, “Now, the Blue Economy has come to stay and very soon you will see the impact of what we have; in terms of the gains and benefits to grow our Gross Domestic Product while improving the well-being of our own Economy”.
Earlier in his remarks, Mallam Usman of KADSEMA lauded the Agency for the feat achieved so far, which cuts across the entire Nigeria.
Prince Nwokeabia rallies support for Comptroller Ukpanah, CAC Enugu/Anambra/Ebonyi\command, as she assumes office
She took over from Comptroller AM Adegbite who was re-deployed to Edo/Delta Area Command.
Customs, UN agency collaborate to fight smuggling
“On behalf of the entire Management Team of the Nigeria Customs Service, I wish to inform you that we will partner with you in this campaign, and we will grant you all forms of support you may need to carry out this campaign — and I want to assign one of our amiable DCGs, Abba Kura, to work with you closely.”
He appreciated how they traveled from afar to inform the Nigeria Customs Service of their campaign against smuggling, which, according to him, the Nigeria Customs Service has already started yielding positive results in suppressing the menace of smuggling.
The CGC also welcomed Dr Raymond’s offer to engage officers and men of the Service in capacity—building to enhance their understanding of digital literacy skills, adding that the Service has already started embracing technology to advance its work by introducing related courses to officers.
The CGC appreciated the collaborative effort between the Nigeria Customs Service and UN—Habitat and believes that the collaboration signifies a commitment to tackling smuggling and enhancing trade facilitation in the nation, setting the stage for a more prosperous future.
He also appreciated their pledge to train officers and men of the Service in digital literacy skills, assuring that the Service will continue to prioritize proficiency in the fight against smuggling through a technological approach.
He underscored the importance of digital skills, promising that the relevant Service department will enhance trade facilitation.
On his part, the Director of UN—Habitat, Dr. Raymond Edoh, appreciated President Bola Ahmed Tinubu for reposing the responsibility of heading the Nigeria Customs Service on the Acting Comptroller-General, describing him as “a competent Customs officer who knows the terrain and masters the job.”
According to him, they decided to visit the Ag. CGC at the Customs Headquarters to express their interest in partnering with the Service.
He appreciated the Service for being a “gatekeeper of the country” that protects citizens against border threats, stressing that his organization will collaborate with NCS to mitigate the smuggling of illicit goods and train officers and men of Customs on digital literacy skills and certification.
UN-Habitat is the United Nations entity responsible for developing urban policies and translating them into action to create sustainable cities and promote viable urban development and adequate shelter for all.
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