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Maersk rides freight wave with further 2021 outlook rise


A Maersk container ship is guided by a tug boat in New York Harbour in New York June 27, 2018. — Reuters pic
A Maersk container ship is guided by a tug boat in New York Harbour in New York June 27, 2018. — Reuters pic

COPENHAGEN, Sept 16 — Danish shipping group A.P. Moller-Maersk lifted its 2021 outlook again today, 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 amortisation (EBITDA) of US$22 to 23 billion (RM91 to RM95 billion), up from a previous estimate of US$18-19.5 billion.

The shipping company, which is set to publish full third-quarter earnings on November 2, also reported preliminary earnings before interest, tax, depreciation and amortisation (EBITDA) of close to US$7 billion and EBIT of nearly US$6 billion. — Reuters



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