denmarks ap moellermaersk as reported results for the third quarter on wednesday heres what we watched revenue the shipping giant reported a 37 rise in revenue to 2277 billion beating the 2157 billion expected in a factset poll of analysts earnings maersk reported quarterly underlying earnings before interest taxes depreciation and amortization of 1085 billion versus 961 billion expected by factset net profit rose to 888 billion from 544 billion last year beating the 789 billion forecast in a factset poll volumes rates revenue at its shipping unit rose 38 to 1802 billion driven by a 42 increase in freight rates the average freight rate in the quarter rose to 5046 for an ffea standard 40foot containerfrom 3561 in 3q last year however shipping volumes dropped 76 amid weakening demand and operational challenges it said the extraordinary earnings have peaked as freight rates started to decline during the quarter due to weakening customer demand coupled with markets beginning to normalize with less supply chain disruptions and progressive release of congestion the company said fuel maersks fuel bill rose by 982 million on year to 24 billion guidance underlying earnings before interest tax depreciation and amortization is still seen at around 37 billion and underlying earnings before interest and tax at around 31 billion it said given the unfolding economic slowdown which is expected to continue into the coming year maersk now sees growth in global container demand this year at between 2 and 4 compared with its previous view at the lower end of its range of between plus and minus 1 the companys cumulative capital expenditure guidance for 202223 is still seen at 90 billion100 billion the average contract rate for 2022 is now expected to be around 1700 above 2021 from the 1900 rise previously guided