Maersk Raises Full-Year Forecasts Amid Strong Q3 Results and Red Sea Disruptions

Danish shipping group A.P. Moller-Maersk announced on Monday that it has raised its full-year forecasts due to strong third-quarter results, robust demand, and ongoing disruptions in the Red Sea shipping route. Maersk revised its outlook for global container market volume growth in 2024 to around 6%, up from a previous range of 4% to 6%. The company reported preliminary underlying EBITDA of $4.8 billion for the third quarter, surpassing analysts’ expectations of $3.7 billion, with revenue reaching $15.8 billion, higher than the forecasted $14.4 billion.

The disruptions in the Red Sea, caused by attacks on vessels by Iran-aligned Houthi militants, have led to a vital shipping route being affected, resulting in increased freight rates and congestion in Asian and European ports. Maersk now anticipates full-year underlying EBITDA to be between $11.0 billion and $11.5 billion, up from the previous range of $9 billion to $11 billion. Earnings before interest and tax for 2024 are projected to be between $5.2 billion and $5.7 billion, an increase from the earlier estimate of $3 billion to $5 billion.

These developments have prompted Maersk to adjust its forecasts and outlook for the year, reflecting the impact of disruptions in the Red Sea on global shipping operations. The company’s strong third-quarter performance, combined with the prevailing market conditions, has led to an upward revision of its financial expectations for the year. Maersk’s revised forecasts indicate a positive outlook for the company’s financial performance and position in the global shipping industry.

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