Maersk significantly increased full year profit expectations as it reported revenues of $12.4bn for Q1 2021 with an EBITDA of $4bn and an underlying EBIT of $3.1bn for the three-month period, says an article published in its website.
Maersk on Q1 result
The company said, “Consequently, given the result in Q1 2021 and the exceptional market situation now expected to continue well into the fourth quarter of 2021. Trading conditions for the quarters ahead remain subject to a higher than normal volatility due to potential changes in current demand patterns and the current disruptions in the supply chains and equipment shortages impacting the short-term container freight rates.”
Freight rates
Average container freight rates were up some 35% over the same quarter a year earlier and volumes increased 5.7%.
Looking ahead Maersk said that full container market demand had been revised up to 5 – 7% from 3 – 5% previously driven mainly by exports from US – China.
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Source: Maersk
