AP Moller-Maersk has turned in a profit well ahead of forecasts thanks to an upturn in container freight rates and volumes.
The Danish shipping reported a 17% increase in Ebitda to $1.36bn for the second quarter of the year, compared with $1.16bn in the previous corresponding period.
Revenue grew slightly to $9.6bn, which is on par with last year.
Chief executive Soren Skou hailed the second quarter as a period of “solid progress”.
The improved performance — which is around 10% higher than market expectations — was attributable to increase in volumes and freight rates.
Operating profit of its shipping division by 25% over the quarter to $1.1bn.
Maersk is sticking to its full-year profit forecast of around $5bn.
“We reaffirm our guidance for 2019, while the macro environment continues to be subject to considerable uncertainties,” said Skou.
He referred to weaker macroeconomic conditions and other external factors impacting container freight rates, bunker prices and foreign exchange rates.
