Maersk lifts 2022 guidance as congested supply chain boosts rates

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Shipping group Maersk has raised its 2022 profit guidance after beating second-quarter revenue expectations as congested global supply chains boosted freight rates.

“Congestion in global supply chains leading to higher freight rates has continued longer than initially anticipated,” the company said in a statement.

It said it now expects underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) of around $37 billion versus the $30 billion it forecast earlier.

Underlying earnings before interest and taxation (EBIT) is now expected at around $31 billion, up from previous guidance of $24 billion.

The guidance is based on a gradual normalisation in ocean container shipping in the fourth quarter of this year, it said.

“The strong result is driven by the continuation of the exceptional market situation within ocean (container shipping),” the company said.

Revenue in the second quarter stood at $21.7 billion, it said. Underlying EBITDA was $10.3 billion and underlying EBIT was $8.9 billion.

Maersk is due to publish a full set of results for the second quarter on August 3.

Source: Reuters

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