STOCKHOLM (AP) – Shipping and oil group A.P. Moller-Maersk has posted a 30 percent increase in quarterly profits as higher freight volumes and rates offset falling oil prices.

The Danish company’s net profit rose to $1.47 billion in the third quarter, from $1.13 billion a year ago.

Revenue was $12.2 billion, up from $12.1 billion in the third quarter of 2013.

The company said Tuesday that revenue was “impacted by higher container volumes, and freight rates as well as higher oil entitlement production, partly offset by a lower average oil price.”

Citing its third-quarter performance, the group’s shipping unit, Maersk Line, raised its projected 2014 profit to “above $2 billion,” from a previous forecast of “significantly above $1.5 billion.”

Company shares rose 0.15 percent to 12,280 kroner ($2,057) in early trading in Copenhagen.