From digital freight forwarding to blockchain-based supply chain management, here's how Maersk’s technology is being unbundled.
114-year-old shipping giant Maersk is the second-largest shipping company by container capacity in the world, after Mediterranean Shipping Company. In 2021, the company posted annual revenue of $61.8B — marking robust growth of 55% year-over-year.
However, the Covid-19 pandemic brought significant disruption to the global shipping industry. Companies faced canceled flights and sailings, delays at ports, and widespread shortages of both workers and containers. Supplier delivery times increased dramatically, and despite port productivity in line with or above pre-pandemic levels, shipping vessels still sat idle 2X–3X longer than pre-pandemic times.
Total supply chain funding remains elevated in Q1’22. Get the report to learn more.the state of Supply Chain & Logistics Tech q1 2022
In the face of this disruption, digital transformation is more vital than ever. Technologies like AI and IoT can help shippers utilize the mass amounts of data they possess to optimize operations, decrease costs, and generate more value for customers.
A host of companies are emerging to help smooth shipping, delivery, and supply chain operations and facilitate this transformation. For example, new visibility platforms like Project44 and digital freight marketplaces like Convoy help connect a historically fragmented industry and lower costs by improving shipping logistics.
