Denmark’s AP Moller Holding has posted a huge profit for 2021 as container ship rates hit record levels.

The parent company of the AP Moller Group logged net earnings of DKK 119bn ($19bn) last year, up from DKK 10bn in 2020.

AP Moller Holding has stakes in container line AP Moller-Maersk and tanker company Maersk Tankers, among other investments.

Chief executive Robert Uggla, the grandson of legendary former Maersk boss Maersk Mc-Kinney Moller, took over as chairman of the giant shipping company last month.