Maersk says strong Q1 driven by high demand, bottlenecks

Maersk said on Wednesday it had seen an "exceptionally strong" performance in the first quarter driven by bottlenecks and high demand for container shipping.

Maersk said on Wednesday it had seen an "exceptionally strong" performance in the first quarter driven by bottlenecks and high demand for container shipping. "Strong demand led to bottlenecks as well as lack of capacity and equipment which drove up freight rates to record high levels," Chief Executive Soren Skou said in a statement.

Maersk, the world's biggest container shipping line, confirmed the 30% rise in first-quarter revenue announced in a preliminary trading statement last week and reiterated its upbeat profit outlook for 2021. The company also said high free cash flow had prompted it to speed up an existing $1.6 billion share buyback programme and launch a new $5 billion share buyback programme that will conclude in 2023.

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