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Maersk profits triple on record freight prices

Shipping giant Maersk says profits tripled over the latest quarter.

Earnings hit $6.9 billion on the back of record-high freight rates.

That despite a drop in the volume of cargo it handled.

The number of containers on the move fell due to congestion at ports.

Surging consumer demand has led to a shortage of vessels and logjams at key hubs.

Meanwhile, Maersk continues its transformation from a shipping firm to an integrated logistics company.

On Tuesday (November 2) it said it would buy freight forwarding firm Senator International, which mainly operates air cargo.

Maersk also said it would step up share buybacks, purchasing an additional $5 billion by 2025.

Shares in the firm rose 1% in early trades, and are up some 40% so far this year.

This article originally appeared on Reuters

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