[ad_1]
COPENHAGEN (Reuters) -Shipping group Maersk on Tuesday raised its guidance for the full year after first-quarter operating profit came in above its previous expectations, driven by high container freight rates.
“The strong result is driven by the continuation of the exceptional market situation within ocean (shipping),” Maersk said in a trading statement.
Guidance for the full year was revised upwards, with underlying earnings before interest, tax, depreciation and amortisation (EBITDA) expected to be about $30 billion compared to $24 billion previously expected.
The guidance was based on an “assumption of normalization in ocean shipping early in the second half of 2022”, it said.
Container freight rates rose by an average 71% in the first quarter compared to a year earlier, the company said.
Revenue in the first three months of the year stood at $19.3 billion, with underlying EBITDA at $9.2 billion.
Container volumes declined 7% between January and March. Maersk now expects growth in global container demand this year of between minus 1% and plus 1%, compared to its previous expectation of 2-4% growth.
Introduction Security is a critical concern for small businesses. Protecting assets and sensitive information and…
Interview counseling is one of the most essential tools for student success. In recent years,…
The world has gone digital, and the USA is no exception. From the way we…
Safety and Discretion: The Cornerstones of Swingers Style In the world of alternative lifestyles, safety,…
Hey there! Can chewing gum help you achieve that chiseled jawline you've been dreaming of?…
Hey there, fellow games enthusiasts! Have you ever wondered just how your favorite gaming platform,…