Earn a lot of money! Maersk sharply raises profit forecast after price hikes due to Red Sea crisis
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2024-06-05 19:00
The Red Sea crisis led to a surge in freight rates, and Maersk, the global trade vane, sharply raised its full-year profit guidance.
Local time on Monday,Maersk said it expects earnings before interest, tax, depreciation and amortisation (EBITDA) to be between $7 billion and $9 billion this year, significantly higher than its previous forecast of $4 billion-$6 billion and higher than Wall Street's forecast of $5.86 billion.
The company said,The impact of Red Sea congestion on global supply chains is more severe than previously expected, pushing up freight prices.
It is worth noting that this is the second time Maersk has raised its profit forecast in a month.
Maersk said,Higher container freight prices and further congestion at ports are expected to contribute to a stronger financial performance in the second half of 2024.
Maersk also noted that it faced severe terminal congestion at Mediterranean and Asian ports, causing significant delays to its vessel schedules.
Due to the threat posed by the Houthis to shipping, many shipping companies decided to divert their routes from waters near Yemen to avoid attacks. According to the media think tank, these disruptions have led to a reduction of about 80% in container ship traffic through the Suez Canal.
According to previous articles on Wall Street, if the Red Sea problem is not resolved, this year's shipping season may be very difficult. In addition, multiple factors such as Somali pirates and severe dry weather are spawning new black swans, or causing a repeat of the shipping crisis in 2021.
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