AP Moller-Maersk has again upgraded its profits guidance after a strong third quarter and the impact of the Red Sea crisis.
It expects underlying Ebitda of between $11bn and $11.5bn for the full year, up from a previous forecast of between $9bn and $11bn, according to a trading update today.
Ebit is forecast to come in at $5.2bn to $5.7bn, up from a previous forecast of $3bn to $5bn.
The world’s second-largest liner operator has upgraded its expectation on the back of strong third-quarter results, combined with robust container market demand and the continuation of the Red Sea situation.
Maersk logged underlying Ebitda of $4.8bn and underlying Ebit of $3.3bn in the third quarter, according to preliminary unaudited figures.
Revenue was $15.8bn.
The company expects to end the year with free cash flow of at least $3bn, in place of the previous forecast of $2bn.
This is the second time in three months that Maersk has upgraded its forecast.
In August, it upgraded its guidance for free cash flow to $2bn this year, up from a previous forecast of at least $1bn.
Prior to that, it had expected underlying Ebitda of $7bn to $9bn and Ebit of $1bn to $3bn.
Houthi warfare on ships in the Red Sea and the Gulf of Aden in response to the Israel-Hamas conflict in Gaza has caused vessels to avoid the waterway and sail around southern Africa instead. That has increased tonne-miles, shortening tonnage supply and boosting the revenue of shipping companies.
Maersk will publish its full audited results on 31 October.
