The global container business is in chaos. Surging consumer demand, covid outbreaks and a shortage of containers has led to higher volume for ocean carriers and congestion at ports.
Maersk, the world’s largest container shipper, has seen record profits. The Danish shipping firm whose customers include Walmart and Nike announced May 2021 first-quarter revenue of $12.4 billion, a 30% increase from a year earlier. Maersk has a fleet of over 700 ships and handles one in every five containers shipped by sea. The company also owns terminals around the world and has a growing land-based logistics business. On average a Maersk container ship calls on a port somewhere around the globe every six minutes.
Like its competitors the company has faced a series of obstacles in the first half of 2021 ranging from the worldwide shortage of shipping containers to the blockage of the Suez Canal. So, with vaccine rollouts in place in the U.S. and consumer discretionary spending shifting towards services will Maersk and its rivals be able to maintain their momentum? And what do bottlenecks at ports and higher freight rates mean for U.S. consumers? Watch the video to find out what’s next for Maersk.