Breaking

Maersk Lifts Full-Year Profit Forecast Amid Container Rate Surge

A.P. Moller-Maersk raised its full-year earnings guidance Thursday following a sharp third-quarter profit jump driven by elevated freight rates, though investors reacted negatively to results that fell short of expectations. The Danish container shipping giant now forecasts full-year underlying EBITDA of $14 billion to $14.5 billion, up from its prior $10 billion target. The revised EBIT outlook stands at $8 billion to $8.5 billion, while free cash flow is projected to exceed $3 billion. Third-quarter EBITDA reached $4.04 billion on 27% revenue growth to $18 billion. Maersk's Ocean division posted operating profit of $2.6 billion, up from $567 million year-over-year, despite shipping volumes declining 1%. Higher freight rates offset softer cargo volumes. The company's logistics and terminals divisions also contributed to the improved outlook. This marks Maersk's third earnings upgrade this year.