MAERSK has announced an upgrade to its 2024 full-year guidance following a strong third-quarter performance, reports Tel Aviv's Investing.com.
Based on preliminary figures for Q3 2024, maersk reported revenue of US$15.8 billion, with underlying EBITDA at $4.8 billion and EBIT at $3.3 billion.
The company attributed its strong results to robust container market demand.
On the back of strong third-quarter results combined with strong container market demand and the continuation of Red Sea war risk, Maersk raised its full-year 2024 forecast.
The company now expects underlying EBITDA to range between $11 billion and $11.5 billion, up from the prior range of $9 billion to $11 billion.
Free cash flow projections were also revised upward, with Maersk now targeting at least $3 billion, an increase from the previous $2 billion outlook.
The company's improved outlook is bolstered by a revised global container market volume growth forecast, now expected to rise around six per cent for the year, up from the previously estimated range of four to six per cent. Maersk will release its complete Q3 2024 interim results on October 31.
The company's strong performance has sparked optimism across the shipping industry, with Zim Integrated Shipping Services shares seemingly benefiting from the upward momentum.
With global container volumes picking up and Maersk signalling improved profitability, market sentiment for the sector is turning positive ahead of the peak holiday season.
SeaNews Turkey
Based on preliminary figures for Q3 2024, maersk reported revenue of US$15.8 billion, with underlying EBITDA at $4.8 billion and EBIT at $3.3 billion.
The company attributed its strong results to robust container market demand.
On the back of strong third-quarter results combined with strong container market demand and the continuation of Red Sea war risk, Maersk raised its full-year 2024 forecast.
The company now expects underlying EBITDA to range between $11 billion and $11.5 billion, up from the prior range of $9 billion to $11 billion.
Free cash flow projections were also revised upward, with Maersk now targeting at least $3 billion, an increase from the previous $2 billion outlook.
The company's improved outlook is bolstered by a revised global container market volume growth forecast, now expected to rise around six per cent for the year, up from the previously estimated range of four to six per cent. Maersk will release its complete Q3 2024 interim results on October 31.
The company's strong performance has sparked optimism across the shipping industry, with Zim Integrated Shipping Services shares seemingly benefiting from the upward momentum.
With global container volumes picking up and Maersk signalling improved profitability, market sentiment for the sector is turning positive ahead of the peak holiday season.
SeaNews Turkey
