A.P. Møller – Mærsk has revised its full-year guidance once again as the red hot container market shows no sign of simmering.
Maersk, the world’s largest containerline, now expects a full year earnings before interest, taxes, depreciation, and amortization (EBITDA) of between $18bn to $19.5bn, up from an April estimate of $13bn to $15bn. Maersk’s initial estimate for 2021 at the outset had been for an EBITDA of $8.5bn to $10bn.
The company revealed a record Q2 EBITDA yesterday of $5.1bn with volumes shipped up 15% and average freight rates improving by 59% compared to the same period last year.
“The strong quarterly performance is mainly driven by the continuation of the exceptional market situation with strong rebound in demand causing bottlenecks in the supply chains and equipment shortage,” Maersk stated.
Earnings in the third quarter are expected to exceed the level for Q2, the Danish carrier predicted.
British consultancy Drewry forecast last month that the container shipping industry will post a record $80bn profit in 2021, up from earlier forecasts of $35bn. If freight rates surpass expectations in the remainder of the year, Drewry said an annual profit line in the region of $100bn for the liner sector is not out of the question, more than three times the all-time liner record.