Container lines are seeing a boom in profitability. File Image / Pixabay
Shipping giant AP Moller-Maersk has significantly raised its earnings expectations for the year after surging container freight rates boosted its profitability.
The company now expects its EBITDA for 2021 to reach $18-19.5 billion, it said in a statement on its website on Monday, up from previous guidance of $13-15 billion.
"The exceptional market situation [is] still expected to continue at least until the end of the full-year 2021," the company said in the statement.
"The outlook for the global market demand growth for the full-year 2021 has been revised up to 6-8% from previously 5-7%, primarily still driven by the export volumes out of China to the US."
The company is scheduled to publish second-quarter results later this week.