10 Mar 2023 16:28

Maersk service to Ukraine's Reni port resumes

MOSCOW. March 10 (Interfax) - A.P. Moeller-Maersk AS has restarted its freight service from Constanta, Romania, to Reni, Ukraine, after its ships stopped calling at Ukraine in February last year, the Ukrainian media reported citing the website of the Dutch shipping giant.

The website said the developments in Ukraine remained the company's focus, as did the implementation of solutions for its clients from the security standpoint.

The new weekly barge service will operate on two routes: via Constanta/Danube Canal and the Black Sea, with transit times of approximately one and a half days, the website said.

The company has updated its system and accepts bookings for delivery to the Reni port, it said. Their execution will depend on operating possibilities, provided there is proper paperwork, including a legal provision on Ukraine regarding the presence of regional risks, the company said.

In the fourth quarter of 2022 A.P. Moeller-Maersk AS reported a fall in net profit by 18.8% and revenue by 3.7%, worse than forecast by experts. In October-December, net profit stood at $4.95 billion, versus $6.094 billion in the same period of the previous year; revenue dropped to $17.82 billion, in comparison with $18.506 billion.

The average freight rate dropped by 3.5% relative to the fourth quarter of 2021; cargo volume fell by 14%.

In 2022 Maersk reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $36.81 billion and EBIT of $30.86 billion.