Maersk sees no signs of easing freight market this year
Danish shipping giant AP Moller-Maersk sees no indication that the current booming shipping market will run out of steam this year, its chief executive said.
Maersk lifted its outlook for 2021 again this week, capitalizing on rising freight rates resulting from a congested global supply chain.
The coronavirus pandemic has caused shortages of container ships and congestion at ports at a time of high consumer spending, sending the cost of freight transport to record highs.
“Nothing in our data suggests that the situation will change this year,” Maersk chief executive Soren Skou told Reuters. He expects global trade volumes to increase by 7-8% this year compared to 2020.
Currently, 9-10% of the world’s container capacity lies outside ports awaiting unloading, he said. The problem is particularly acute at the port of Long Beach in Los Angeles where about sixty container ships are waiting to unload.
Maersk, which manages one in five containers shipped globally, now expects underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 22 billion (€ 18.74 billion) at 23 billion dollars (19.59 billion euros), up from a previous estimate of 18 billion dollars to 19.5 billion dollars (16.61 billion euros).
The shipping company, which is expected to release full third-quarter results on November 2, also reported preliminary earnings before interest, taxes, depreciation and amortization (EBITDA) of nearly $ 7 billion (€ 5.96 billion). and an EBIT of nearly $ 6 billion. (5.11 billion euros).
Last month, Maersk announced that it has ordered eight new vessels, each capable of carrying 16,000 containers, to be built by South Korean firm Hyundai Heavy Industries and expected to be delivered by early 2024.