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Wednesday, 04/08/2021, 07:25 (GMT +7)
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Maersk reports record business results for Q2 and expects Q3 to be even better
AP Moller Maersk reported unaudited revenue of $14.2 billion, earnings before interest, taxes, and amortization (EBITDA) of $5.1 billion and earnings before interest and taxes (EBIT) of $4.1 billion in the second quarter of 2021, due to increased demand for shipping containers.
Maersk reports record business results for the second quarter
Maersk, a Danish container shipping company, commented: “The strong quarterly performance is mainly driven by the continuation of the exceptional market situation with strong rebound in demand causing bottlenecks in the supply chains and equipment shortage". Freight rates increased by 59% in Q2 2021 compared to the previous year.
The Copenhagen-based shipping company expects profits in the third quarter to be even higher.
With strong results last quarter and market conditions expected to continue to rise at least until the end of 2021, Maersk has revised its business plan for 2021 higher with a baseline EBITDA currently is expected to be in the range of $18 -19.5 billion and EBIT is expected to be in the range of $14-15.5 billion.
Due to higher profit expectations and despite increased net working capital and higher installments associated with higher charter payment obligations, free cash flow (FCF) for the full year 2021 is expected the minimum is $11.5 billion, while the Capital Expenditure (CapEx) plan for 2021-22 is unchanged at around $7 billion.
At the same time, Maersk has also revised its global market demand growth outlook for full year 2021 to 6-8% from 5-7% previously, still largely driven by export volume from China to the United States.
A.P. Moller Maersk said it will release interim results for the second quarter on August 6, 2021.
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Source: Phaata.com (According to ContainerNews)
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