Danish shipping giant AP Moller-Maersk sees no indication that the current red-hot shipping market will lose steam this year, its chief executive said on Thursday, September 16.
Maersk lifted its 2021 outlook again on Thursday, riding the rise in freight rates which has resulted from a congested global supply chain.
“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 grow 7% to 8% this year compared with 2020.
“We see very, very strong end-user demand combined with restocking and the fact that capacity in ports, warehouses, and on ships is not fully utilized due to COVID-19,” he said.
Currently, 9% to 10% of global container capacity is sitting outside ports waiting to discharge, he said. The problem is particularly acute at Long Beach port in Los Angeles where some 60 container ships are waiting to discharge.
Maersk, which handles one in five containers shipped worldwide, now expects full-year underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) of $22 billion to $23 billion, up from a previous estimate of $18 billion to $19.5 billion.
The shipping company, which is set to publish full third-quarter earnings on November 2, also reported preliminary EBITDA of close to $7 billion and EBIT of nearly $6 billion. – Rappler.com