In addition to posting record earnings in 2020, Maersk warns of another tough year in 2022

In its fourth-quarter results, Maersk, which is one of the world's largest container shipping firms, announced the best results the company has ever achieved.

As a barometer of global trade, the Danish giant reported earnings of $6.77 billion in the fourth quarter, down from $8 billion in the same quarter of 2021. Trade Algo analysts forecast $6.77 billion for the same quarter of 2021, but the company reported earnings of $6.5 billion.

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As a result, the underlying EBITDA figure for the full year fell fractionally below the company's estimated $37 billion forward guidance, but it was the strongest full-year showing in the company's history.

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A continued increase in ocean freight rates led Maersk to experience an “exceptional” year in 2022, but the company warned in its record-breaking third-quarter earnings report that these rates were peaking and normalization would adversely impact earnings. Former CEO Skou warns of dark clouds ahead.

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There was more than one way in which 2022 was notable for the new CEO Vincent Clerc, who took the helm last month. He said in a statement that he had taken over the reins at the beginning of this year.

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Our best financial results in the company's history, together with the fact we have been able to achieve our partners' and customers' supply chains at their core throughout highly disruptive times, have enabled us to take our relationship with our customers to a new level," Clerc said.

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In the year 2019, we will enter a challenging macro-outlook, and our customers will see new types of uncertainties. To get the most out of this new year, we will accelerate our business transformation and increase our operational excellence so that we are able to take advantage of the unique opportunities at our disposal."

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In 2023, the global container market is expected to grow between -2.5% and +0.5%

During the fourth quarter of 2008, loaded volumes decreased by 14% on-year while freight rates dropped by 3.5% on-year, as a result of which revenues fell slightly to $17.8 billion for that quarter on an annual basis.

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A total of $511 million was also taken by Maersk over the course of the year as a result of the company's efforts to wind down its operations in Russia, with the ultimate goal of quitting the country completely later on.

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With regards to the company's fourth-quarter results in 2022, the company was able to increase its free cash flow by $6.5 billion over the period last year as well as repurchase $685 million shares of its stock.

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Earlier this month, Maersk lifted its dividend of 2,500 Danish kroner (USD 620.33) per share to 4,300 Danish kroner ($620.33).

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It is expected that Maersk's underlying EBITDA will drop from $8 billion to $11 billion between 2023 and 2025.

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The company said its guidance was based on the expectation that inventory correction would be completed by the end of H1 and would lead to a more balanced demand environment, that global GDP growth would remain muted by 2023, and that the global ocean container market will grow between 2.5% and +0.5% by 2023.