The companies have announced plans to launch a new distributed ledger platform that is expected to change and improve the global logistics industry.
During the last year of 2022, Maersk benefitted greatly from the surge in ocean freight rates. In its forward-looking guidance for 2023, the Danish shipping giant is expecting a drop in the EBITDA.
Maersk has indicated that it will leverage the work of TradeLens as a stepping stone to further digitizing its global operations.
While Russia battles sanctions, many corporations around the world have launched humanitarian campaigns to support the Ukrainian government and families directly affected by the ongoing war.
Maersk recorded earnings before interest, tax, depreciation, and amortization (EBITDA) of $5.1 billion during the second quarter.
Maersk showed good performance in Q3 and recorded a lesser-than-expected revenue fall of 1.4%.
Apart from blockchain technology, Thailand has also joined a growing number of countries currently exploring the cryptocurrency space.
Hapag-Lloyd and Ocean Network Express (ONE), the world’s fifth and sixth largest ocean carriers, signed onto TradeLens, the blockchain platform for ocean shipping founded by Maersk and IBM.
Shipping blockchain TradeLens, developed by IBM and Maersk, recruited two major marine cargo carriers to the platform: Mediterranean Shipping Company (MSC), the second largest after Maersk; and CMA-CGM, the fourth largest per cargo carrying capacity.
The TradeLens platform will employ smart contract services for complex shipping solutions to further streamline the global supply chain.
The Insurwave platform supports more than half-million automated ledger transactions and will manage risks for more than a 1000 commercial vessels in the first year of its deployment.