2022 was an exceptionally strong year for Maersk. The unprecedented financial results were driven by solid performance across all businesses during the abnormal market conditions in the first part of the year.
As congestions eased and declining consumer demand led to a significant de-stocking in all segments, the expected normalization of the Ocean market kicked in during the final stretch of year.
In 2022, Ocean delivered the strongest result on record due to the high freight rates and strong demand, particularly in the first half of the year. Ocean revenue was up 33%. Throughout the year, Ocean continued to deliver on the strategic transformation, maintaining a stable level of long-term contracts. Ocean continued to improve on delivery performance over the year as congestion eased and was able to maintain strong margins due to the contractual nature of its customer relationship.
In Logistics & Services, revenue increased by 47%, with an organic contribution of 21%. The organic revenue growth came primarily from top 200 customers as the business continues to develop integrated solutions to meet end to end supply chain needs. Growth was particularly strong in warehousing where the footprint more than doubled to 7.1m sqm with the acquisition of LF Logistics alone adding 198 warehouses or 3.1m sqm.
In Terminals, EBIT adjusted for the Russia exit reached a record of USD 1.2bn, supported by solid volumes growth and high congestion related storage income. Based on a combination of tariff increases and efficiencies the impact of high global inflation has been mitigated.