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.
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.
Customs
Customs threatens to arrest, prosecute air travellers carrying currency above $10,000 threshold without declaration.


Headlines
Opeifa reaffirms commitment to infrastructural upgrade, staff welfare at Northern District headquarters of NRC in Zaria

Headlines
NIMASA reaffirms confidence in indigenous technical ability in ship building and repairs

He further emphasized that the inspection aligns with the vision of the Minister of Marine and Blue Economy, Adegboyega Oyetola, who has prioritized the development of local capacity in shipbuilding and repairs.
The visit underscores NIMASA’s drive to promote indigenous maritime infrastructure, enhance national security, and advance sustainable growth in Nigeria’s maritime sector.
-
Customs3 months ago
Agricultural produce tops exports of 11,459 containers worth $986.4m through Apapa port in three months
-
Customs3 months ago
Silent jubilation as Comptroller Kola Oladeji is removed as FOU, Zone A boss.
-
Headlines3 months ago
Edward Osagie, Ikechukwu Onyemekara, Muyiwa Akande emerge finalists at 2025 National spokesperson award
-
Customs3 months ago
KLT Customs laments low volume of trade at the command
-
Headlines3 months ago
NIWA warns waterways passengers, operators of danger posed by sunken Dredger under Eko bridge
-
Customs3 months ago
Adeniyi bags Leadership award for Public service person of the year