Maersk raises guidance again as Red Sea attacks boost rates
global trade, increased its full-year guidance for a fourth time in less than six months, citing stronger demand and higher freight rates caused by supply chain disruptions from attacks in the Red Sea.
Maersk now sees underlying earnings before interest, tax, depreciation and amortisation of $11 billion to $11.5 billion this year, topping both its prior forecast range and the average $10.1 billion estimate of analysts surveyed by Bloomberg.
Maersk had already raised its 2024 profit forecast in May, June and August, as the Red Sea conflict was having a larger than previously expected impact on the world’s supply lines. The Houthi attacks have since late last year forced container vessels to sail south of Africa, absorbing some of the overcapacity in the container industry, which in turn has helped boost container rates.
Maersk said earlier this month it will start its vessel-sharing partnership with Hapag-Lloyd AG in 2025 by sailing south of Africa, indicating the container lines expect the Red Sea to remain unsafe well into next year.
On Monday, the Danish shipping line also said it expects global container demand growth to be 6% this year, up from a range of 4%-6% seen previously. Maersk shares opened 2.4% higher in Copenhagen on Tuesday, before erasing the gains to drop 0.6% at 9:25 a.m.
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