The Danish shipping group AP Møller-Maersk has significantly revised its profit forecast upwards for a fourth time following a strong third quarter.
The No. 2 in international container liner shipping has once again revised its expectations upwards due to strong results in the third quarter, strong demand and the ongoing crisis in the Red Sea.
The Copenhagen-based group expects adjusted EBITDA of between US$11bn and US$11.5bn for the full year. Previously, the Danes had assumed a range of US$9bn to US$11bn.
EBIT is expected to be between US$5.2 and US$5.7bn, which is also a significant increase compared to the previous forecast of US$3 to US$5bn.
Maersk reported adjusted EBITDA of US$4.8bn and adjusted EBIT of US$3.3bn in the third quarter, according to preliminary, unaudited figures. Sales amounted to US$15.8bn.
Maersk raises expectations
This is the second time in just three months that Maersk has raised its forecast. Originally, the company had assumed an EBITDA of US$7 to US$9bn.
The ongoing Houthi attacks on ships in the Red Sea and the Gulf of Aden in response to the conflict between Israel and Hamas mean that most ships continue to take the detour around the Cape of Good Hope instead of through the Suez Canal. This has led to a shortage of available tonnage and an increase in freight rates.
Maersk is expected to publish its full audited results on 31 October.
