Shipping company Maersk (MAERSKb.CO) on Thursday raised its full-year guidance on the back of strong container market demand and the crisis in the Red Sea, but also said the outlook for the fourth quarter was uncertain.
Maersk said in a statement it now expects its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) in the range of $9 billion to $11 billion this year, up from its previous forecast of $7 billion to $9 billion.
This is the third time Maersk has raised its 2024 outlook since it was first provided in February as the company continues to benefit from higher freight rates, as ships sail for longer to avoid conflict in the Red Sea.
It however said that there was a lack of clarity around supply and demand in the fourth quarter.
“Due to the continued supply chain disruption caused by the situation in the Red Sea, which is now expected to continue at least until the end of 2024, coupled with robust container market demand, APMM upgrades its full-year 2024 guidance,” it said.
Maersk shares initially rose on the news but later reversed course to trade down 2 per cent at 1159 GMT.
Its preliminary second-quarter EBITDA came in at $2.1 billion down from $2.9 billion in the same period a year ago. The company is scheduled to publish its full quarterly earnings on Aug 7.
