A.P. Møller-Mærsk has reported unaudited revenue of 12.8 billion based on preliminary figures, underlying EBITDA of $2.1 billion, and EBIT of $756 million against the early reported EBIT of $963 million for quarter two of 2024.
The Danish logistics giant has also upgraded its full-year 2024 guidance and now expects underlying EBITDA of $9 to $11 billion and EBIT of $3 to $5 billion against the previously reported $7 to $9 billion and $1 to $3 billion, respectively. It upgraded its free cash flow of at least $2 billion against an earlier estimate of at least $1 billion.
Maersk attributed the upgrade to the continued supply chain disruption caused by the situation in the Red Sea, which is now expected to continue at least until the end of 2024, coupled with robust container market demand.
Read also: Maersk to impose extra surcharge in June as Red Sea situation intensifies
“The outlook for the global container market volume growth for the full year 2024 has been revised up to 4 to 6 percent against the previously estimated upper end of 2.5 to 4.5 percent.
“Trading conditions remain subject to higher-than-normal volatility given the unpredictability of the Red Sea situation and the lack of clarity of supply and demand in quarter four,” the shipping firm said.
A.P. Moller-Maersk is an integrated logistics company working to connect and simplify its customers’ supply chains. As a global leader in logistics services, the company operates in more than 130 countries and employs around 100,000 people.
It aims to reach net zero emissions by 2040 across the entire business with new technologies, new vessels, and green fuels.
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