Maersk boosts profit outlook as container demand defies trade fears
COPENHAGEN (Reuters) -Shipping group A.P. Moller-Maersk on Thursday raised its full-year profit outlook as global demand for ocean container freight showed resilience despite concerns of trade wars.
Maersk, viewed as a barometer of world trade, said it now expects global container volumes to grow between 2% and 4%, compared with a range of down 1% and up 4% growth estimated in May.
A contraction in U.S. imports "was more than offset" by strong growth in imports into other regions, including Europe, Maersk said in its second-quarter earnings statement.
"Even with market volatility and historical uncertainty in global trade, demand remained resilient, and we've continued to respond with speed and flexibility," CEO Vincent Clerc said.
Maersk now expects underlying earnings before interest, tax, depreciation and amortisation (EBITDA) this year of between $8 billion and $9.5 billion, compared with its previous guidance of between $6 billion and $9 billion.
Maersk said EBITDA rose 7% year-on-year in the second quarter to $2.3 billion, compared with $1.98 billion expected by analysts.
Sales rose 3% year-on-year to $13.1 billion between April and June, compared with $12.61 billion expected by analysts in a company-compiled poll.
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