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.
Traffic gridlock returns to Apapa port as Federal government closes Total bridge for maintainance works
“Given the impact the closure will have on Port users, the Authority in partnership with LASTMA, Police, FRSC, and the Nigerian Navy have worked out alternative routes and are on the ground to manage the traffic situation in the affected areas.
“The Authority wishes to solicit the understanding and cooperation of all stakeholders as we continue to support measures to mitigate the temporary disruptions, the NPA pleaded.
NIMASA collaborates with NCC to regulate submarine cable operation for enhanced navigational safety on Nigerian waters
The eyewitness reporter
Apparently alarmed by the indiscriminate laying of communication cables and pipelines underneath the Nigerian waters by telecommunications operators and other allied professionals which has the potential of harming the safe navigation of ships, the Nigerian Maritime Administration and Safety Agency, (NIMASA) has engaged the Nigerian Communications Commission (NCC) in a strategic discussion to forge a formidable synergy with other relevant stakeholders with a view to developing a regulatory framework to provide operational guidelines for submarine Cable and Pipeline Operators in Nigeria.
Officials of both organs of Government in Lagos reached this agreement at a pre Audit meeting on submarine cable regulation.
The Director General of NIMASA Dr. Bashir Jamoh, who chaired the meeting, which also had the Director General of the Bureau of Public Service Reforms (BPSR) Mr. Dasuki Arabi in attendance, noted that the Agency is committed to the Ease of Doing Business while implementing International Conventions which Nigeria has ratified and domesticated.
He noted that with Nigeria now a destination for global communication players, the time has come to prevent unregulated underwater cable laying, which might become hazardous to shipping.
According to him, “It is worthy to note that marine cable laying has been ongoing for over two decades in Nigerian waters.
“Our focus is to ensure the safety of navigation of shipping in Nigerian waters with all these underwater cables being laid.
“NIMASA is actually developing the guidelines to regulate submarine cable operators in line with the provisions of the United Nations Convention on the Law of the Sea, UNCLOS; which we have ratified and NIMASA is the Agency of Government in Nigeria responsible for its implementation.
“Collaboration is a key component of ease of doing business in the best interest of the country and we will work closely with the NCC to achieve this”.
On his part, the Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta, who was represented by the Director, Compliance Monitoring and Enforcement, Efosa Idehen, noted that the stakeholders’ dialogue strategy adopted by NIMASA in developing the guidelines would ensure a win-win situation, urging NIMASA management to include the Ministry of Justice, a request NIMASA DG immediately granted.
Also speaking at the meeting was the Director General of the Bureau of Public Service Reforms Mr. Dasuki Arabi, who commended NIMASA and NCC for adopting effective Inter-Agency collaboration to avert a potential challenge for the country in the future.
NIMASA had notified submarine and cable operators in Nigeria of a soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of UNCLOS.
NIMASA and the NCC agreed to identify and resolve areas of likely regulatory overlaps, ensuring a regulatory framework based on consultation to engender the attainment of Nigeria’s digital economy transformation.
Officials of the Federal Ministry of Environment and representatives of Submarine Cable operators in Nigeria were also at the meeting.
Comptroller Nnadi mourns death of retired customs officer, DCG Sanusi
“He passed on about an hour ago at a private hospital in Abuja. The Janaza prayers hold after the Zuhr prayers (1 pm) at the National Mosque, Abuja In Shaa Allah,”
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