Maersk has upgraded its full-year earnings forecast by 43% and predicts the exceptional market situation, says an article published by The Loadstar.
Ocean volumes increased by 5.7%
In a trading update ahead of the release of its Q1 results next week, the Danish transport group reported an EBITDA level of $3.1bn from revenues of $12.4bn – up 106% and 71%, respectively, in the same period of 2020.
Maersk said, “Volumes in Ocean increased by 5.7% and average freight rates improved 35% in Q1 21, compared with the previous year.”
Maersk expects to do well in Q4
Maersk said, “Consequently, given the result in Q1 and the exceptional market situation now expected to continue well into the fourth quarter of 2021, the full year guidance for 2021 has been revised upwards with an underlying ebitda now expected in the range of $13bn-$15bn.”
This compares with the previous guidance upgrade, just over two months ago, of an ebitda of $8.5bn-$10.5bn, and is a far cry from a year ago in the midst of the pandemic, when Maersk suspended its guidance.
The company said the outlook for global market growth had also been revised, to 5%-7% from 3%-5%, primarily driven by the export volumes out of China to the US.
It had raised its capex guidance for 2021-2022, from $4.5bn-$5.5bn to around $7bn, to provide additional containers to relieve the current bottlenecks and improve service reliability in Ocean and the organic growth in Logistics & Services.
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