A P Møller - Mærsk (APMM) has raised it financial outlook for Q3 and the full year based on performance for the first two months of Q3 that is significantly ahead of previous expectations.
The company now expects an underlying Ebitda close to US$7bn for Q3 and an underlying Ebit close to US$6bn.
“The strong result is driven by the continuation of the exceptional market situation within ocean, which has led to further increases in both long- and short-term container freight rates,” according to a statement released today.
“Given the persistent congestion and bottlenecks in the supply chains, APMM now expects the second half to be stronger than previously anticipated. Consequently, the full year guidance for 2021 has been revised upwards with an underlying Ebitda now expected in the range of US$22-23bn (previously 18-19.5bn) and underlying Ebit in the range of US$18-19bn (previously US$14-15.5bn).”
The free cash flow (FCF) for the full-year is now expected to be minimum US$14.5bn (previously minimum US$11.5bn), while the cumulative Capex guidance for 2021-22 is unchanged at around US$7bn.
The line has however cautioned that things could change in view of the higher-than-normal volatility in the market.
It will publish its Q3 interim result on November 2.