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Maersk raises full-year revenue forecast, demand estimates
(MENAFN) On Thursday, shipping group Maersk raised its full-year revenue forecast and demand estimates, citing disruptions to Red Sea trade routes as a contributing factor, but noted that the outlook for the fourth quarter remains uncertain.
The Danish company now expects the global container market to grow by 4-6 percent this year, an increase from its previous forecast of 2.5-4 percent maximum market growth. Maersk, considered a key indicator of global trade, highlighted that the supply and demand outlook for the last quarter of the year is still unclear, according to a UK news agency.
Maersk now anticipates total earnings before interest, taxes, depreciation, and amortization (EBITDA) to range between USD9 billion and USD11 billion for the year, up from its previous estimate of USD7 billion to USD9 billion. This marks the third time the company has raised its estimates since they were first announced in February.
Houthi attacks on ships in the Red Sea have disrupted a crucial shipping route for east-west trade, causing ships to detour around the southern tip of Africa and thereby increasing freight rates. Maersk expects these disruptions to persist at least until the end of the year, contributing to ongoing uncertainty. Preliminary data for the second quarter showed revenue at USD12.8 billion, slightly below analysts' expectations of USD13 billion. Interim EBITDA decreased to USD2.1 billion from USD2.9 billion in the same period last year. The company will release its full quarterly earnings on August 7.
The Danish company now expects the global container market to grow by 4-6 percent this year, an increase from its previous forecast of 2.5-4 percent maximum market growth. Maersk, considered a key indicator of global trade, highlighted that the supply and demand outlook for the last quarter of the year is still unclear, according to a UK news agency.
Maersk now anticipates total earnings before interest, taxes, depreciation, and amortization (EBITDA) to range between USD9 billion and USD11 billion for the year, up from its previous estimate of USD7 billion to USD9 billion. This marks the third time the company has raised its estimates since they were first announced in February.
Houthi attacks on ships in the Red Sea have disrupted a crucial shipping route for east-west trade, causing ships to detour around the southern tip of Africa and thereby increasing freight rates. Maersk expects these disruptions to persist at least until the end of the year, contributing to ongoing uncertainty. Preliminary data for the second quarter showed revenue at USD12.8 billion, slightly below analysts' expectations of USD13 billion. Interim EBITDA decreased to USD2.1 billion from USD2.9 billion in the same period last year. The company will release its full quarterly earnings on August 7.
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