Shipping group Maersk has raised its 2022 profit guidance after beating second-quarter revenue expectations as congested global supply chains boosted freight rates.
The shipping industry has seen record profits in recent quarters on a surge in consumer demand and pandemic-related bottlenecks in US and Chinese ports which have prompted a spike in freight rates.
'Congestion in global supply chains leading to higher freight rates has continued longer than initially anticipated,' the Copenhagen-based company said in a statement.
Maersk now expects underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) of around $37 billion (€36.2 billion) versus the $30 billion (€29.3 billion) it forecast earlier. Maersk had initially expected full-year EBITDA at $24 billion (€23.5 billion).
The new guidance is based on a gradual normalisation in ocean container shipping in the fourth quarter of this year. Its previous guidance was based on that happening early in the second half of the year.
The Copenhagen-based company is often seen as a barometer for global trade as it transports goods for retailers and consumer companies such as Walmart, Nike and Unilever.
Maersk, one of the world's biggest container shippers with a market share of around 17%, said in June that the cost of shipping goods was unlikely to abate anytime soon due to array of inflationary pressures.
Shares in Maersk were trading up 1.1% at 08:25 GMT after touching their highest levels since early June.
Revenue in the second quarter stood at $21.7 billion (€21.2 billion), it said, above the $19.7 billion (€19.3 billion) forecast by analysts in a poll gathered by the company.
Underlying EBITDA was $10.3 billion (€170 million), compared to the $8.2 billion (€8 billion) forecast by analysts.
"The strong result is driven by the continuation of the exceptional market situation within ocean (container shipping)," the company said.
Maersk is due to publish a full set of results for the second quarter on 3 August.