Maersk posts strong Q3 results, cites new shipping network

A.P. Moller-Maersk on Thursday reported strong third-quarter results, crediting its new East-West shipping network with boosting volumes and lowering costs in its core Ocean business.

The Danish shipping and logistics company said its Terminals division achieved a record quarter with strong volume growth, while its Logistics & Services unit continued to enhance profitability.

"We have delivered a strong third quarter across our business," Chief Executive Vincent Clerc said in a statement.

"The new East-West network has strengthened our Ocean performance, delivering industry-leading reliability, higher volumes and lower costs."

The performance builds on momentum from the first half of the year, following the launch of its new shipping alliance.

The results contrast with the market environment in late 2022, when the company noted that freight rates had peaked and were normalizing amid softening global demand.

Maersk said that as market conditions fluctuate, it is well positioned to help customers maintain stability in their supply chains.