COPENHAGEN : Any topping out or softening of container freight rates is certainly not hitting shipping line financials with AP Moller – Maersk upping its full year profit forecast to $37bn.
As has become customary Maersk has released updated guidance on its profit and revenues ahead of a full release of its Q2 2022 financial results.
The Danish shipping line said, “Congestion in global supply chains leading to higher freight rates has continued longer than initially anticipated.”
As a consequence, it has upped its full year EBITDA guidance by $7bn to $37bn, and EBIT to $31bn from $24bn forecast previously.
For the second quarter Maersk a strong result was driven by continuation of the exceptional market for its container line business. It expects to report a Q2 EBITDA of $10.3bn and an underlying EBIT of $8.9bn. Revenues are pegged at $21.7bn for the quarter.
The forecast EBITDA for Q2 2022 is close to double the $5.7bn that Maersk reported for 2019 as a whole, prior to global supply disruption brought upon by the pandemic. Shipping lines are coming under increasing scrunity from regulators and politicians over the vast profits generated over the last two years