A.P. Møller-Mærsk (APMM) has raised its financial expectations significantly on the back of better-than-expected Q2 results.
A statement released yesterday estimates unaudited revenue of US$14.2 billion, an underlying Ebitda of US$5.1bn and an underlying Ebit of US$4.1bn for Q2.
“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,” says Maersk.
Volumes in ocean increased by 15% and average freight rates improved 59% compared to the previous year.
The line’s full-year guidance for 2021 has now been revised upwards, with an underlying Ebitda now expected in the range of US$18-19.5bn (previously US$13-15bn) and underlying Ebit in the range of US$14-15.5bn (previously US$9-11bn).
The outlook for global market demand for the full year has been revised up to 6-8% from the previous 5-7%, primarily still driven by the export volumes out of China to the US.
Earnings in the third quarter are expected to exceed the level for Q2. “Trading conditions for the quarters ahead are, however, still subject to higher-than-normal volatility due to the temporary nature of current demand patterns, disruptions in supply chains and equipment shortages.”
APMM will publish its Q2 interim result on August 6.
