Maersk raises 2024 profit forecast

Maersk container ships

Danish shipping group A.P. Moller-Maersk said on Monday it has raised its full-year 2024 forecast on the back of strong third-quarter results, strong demand and ongoing disruptions to shipping in the Red Sea.

Maersk said it has revised its outlook for global container market volume growth in 2024 to around 6% from a previous range of 4% to 6%.
Maersk reported preliminary underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of $4.8 billion for the third quarter. Analysts had forecast EBITDA of $3.7 billion for the period, according to LSEG data.

Revenue was $15.8 billion, beating analysts' forecasts of $14.4 billion.

Houthi attacks on cargo ships in the Red Sea have disrupted a vital shipping route for east-west trade, with the diversion of long-haul shipments pushing up freight rates and causing congestion at Asian and European ports.

The group said Maersk now expects full-year underlying EBITDA of $11.0 billion to $11.5 billion, up from $9 billion to $11 billion previously.

Meanwhile, earnings before interest and tax for 2024 are expected to be between $5.2 billion and $5.7 billion, up from the previous range of $3 billion to $5 billion.

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Source: Phaata.com (via Reuters)

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