Denmark’s AP Moller Holding has logged its best-ever annual profit, but its chief executive has a stark warning for container lines.

Maersk family scion Robert Uggla said his company, which owns stakes in AP Moller-Maersk, Danske Bank, Maersk Tankers and wind power operations, had enjoyed “an extraordinary year”.

Net earnings of DKK 204.8bn ($29bn), up from DKK 118.9bn in 2021, were a record. Revenue rose to DKK 611bn against DKK 408m.