Maersk warns of bottlenecks in supply chains

London (Quanum Commodity Intelligence) - Shipping giant Maersk warns there will be bottlenecks in maritime supply chains and equipment shortages throughout the rest of 2021 and into early 2022 as global trade rebounds from last year's slump, as it reported healthy Q1 interim results.

The sharp recovery in maritime trade already caused freight rates to hit a record high, and Maersk reported a record high first quarter profit of $2.7 billion, up from $209 million a year earlier.

"The high growth and profitability were driven by solid demand across Ocean, Logistics and Terminals. Strong demand led to bottlenecks and a lack of capacity and equipment, which drove up freight rates to record-high levels," said Soren Skou, chief executive.

Freight rates were up 34% year-on-year at a time when bunker fuel prices were relatively low, the Q1 interim report pointed out.

Maersk's revenue jumped to $12.44 billion in the first three months of the year, up 30% from $9.57 billion a year earlier.