Maersk Lifts 2021 Outlook Again as Freight Rates Rise
Danish shipping group A.P. Moller-Maersk lifted its 2021 outlook again on Thursday, riding the rise in freight rates which has resulted from a congested global supply chain.
The coronavirus pandemic has prompted shortages of container ships and logjams at ports at a time of high consumer spending, sending the cost of transporting freight to record levels.
"The strong result is driven by the continuation of the exceptional market situation within Ocean, which have led to further increases in both long- and short-term container freight rates," Maersk said in a statement.
Maersk, which handles one in five containers shipped worldwide, now expects full-year underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of $22 to 23 billion, up from a previous estimate of $18-19.5 billion.
The shipping company, which is set to publish full third-quarter earnings on Nov. 2, also reported preliminary earnings before interest, tax, depreciation, and amortization (EBITDA) of close to $7 billion and EBIT of nearly $6 billion.
(Reporting by Stine Jacobsen; Editing by David Goodman)