Maersk Q2 profit beats forecasts, raises guidance

Danish shipping group A.P. Moller–Maersk reported second-quarter EBITDA of $3.0 billion, well above the median forecast of $2.12 billion and up from $2.30 billion a year earlier. The company raised its full-year underlying EBITDA guidance to $10.5-12.5 billion (from $8-10 billion) and operating profit guidance to $4.5-6.5 billion (from $2-4 billion), marking the second upgrade this year. The strong results were driven by high freight rates resulting from Middle East conflict, including the U.S.-Iran war disrupting traffic through the Strait of Hormuz and Houthi attacks in the Red Sea, which forced most shippers to reroute around the South Africa — Cape of Good Hope. A.P. Moller–Maersk and Hapag-Lloyd have announced a gradual resumption of some Egypt — Suez Canal services. Analysts caution that the current freight strength may be temporary, and normalization of Red Sea traffic could pressure rates.