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Maersk posts record $9bn first-quarter earnings on higher rates

Chief executive Søren Skou says the improvement is driven by stronger freight rates and by contracts being signed at higher levels. Carriers are developing a reputation for riding on the back of recent price spikes to lock in long-term contracts at extremely profitable price rates

Higher freight rates have more than offset the reduced lifting volume and increased bunker and handling costs. Terminal operations booked a $485m impairment in port investment but still recorded 20% growth in revenue

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