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MÆRSK

Maersk to launch first carbon neutral ship within two years

Danish shipping giant AP Moller-Maersk has announced plans to launch the "world's first carbon neutral" vessel by 2023, seven years ahead of its initial target.

Maersk to launch first carbon neutral ship within two years
Photo: Jason Redmond/Reuters/Ritzau Scanpix

Originally scheduled for 2030, the company said in a statement that the launch had been “fast-tracked by advances in technology and increasing customer demand for sustainable supply chains.”

The ship will run on bio-methanol and will be deployed in one of Maersk's “intra-regional networks.”

Maersk also noted that around half of its 200 largest customers have already set, or are in the process of setting, “ambitious science-based or zero carbon targets for their supply chains, and the figure is on the rise.”

The shipping giant previously operated a massive oil division, but sold it to France's Total in 2017 and aims to go completely carbon neutral by 2050.

In 2020, it reported a drop of nearly 42 percent in emissions for the year as a whole. The company operates in 130 countries and employs some 80,000 people worldwide.

READ ALSO: Maersk sees near six-fold profit increase for 2020

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BUSINESS

Maersk profits up as global supply chain disrupted

Danish shipping giant, AP Møller-Maersk, said Tuesday that profits were up sixfold in the third quarter as the coronavirus pandemic and global supply chain problems caused container prices to soar. 

Maersk headquarters in Copenhagen. The Danish shipping company posted hefty profits in the third quarter of 2021.
Maersk headquarters in Copenhagen. The Danish shipping company posted hefty profits in the third quarter of 2021. Photo: Niels Christian Vilmann/Ritzau Scanpix

“Maersk delivered record earnings” in the third quarter, chief executive Soren Skou said.

“In the ongoing exceptional market situation, with high demand in the US and global disruptions to the supply chains, we continued to increase capacity and expand our offerings to keep cargo moving for our customers.” 

Maersk said that its bottom-line net profit amounted to $5.438 billion in the period from July to September, compared with $947 million a year earlier.

Underlying, or operating, profit increased nearly fivefold to $5.859 billion and revenues jumped by 67 percent to $16.612 billion.

“Results in Q3 were driven by high freight rates in an exceptional market situation,” the group said.

Looking ahead, Maersk said it is sticking to its full year forecast for operating profit of 18-19 billion dollars. 

However, the ocean shipping division “is now expected to grow below” projected global container demand of between seven and nine percent this year, “subject to high uncertainties related to the current congestion and network disruption,” Maersk said.

“The current trading conditions are still subject to a higher-than-normal uncertainty due to the temporary nature of current demand patterns, disruptions in the supply chains,” it cautioned.

READ ALSO: Danish shipping giant calls for global carbon tax for shipping

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