Maersk Says 3Q Outlook Is Strong, Expects Momentum to Continue Into 4Q

   By Dominic Chopping 
 

A.P. Moeller-Maersk AS said Friday that the outlook for the third quarter is strong and momentum will continue into the final quarter of the year as it confirmed prereleased second-quarter earnings and full-year guidance.

Earlier this week, Maersk lifted its full-year guidance and announced strong second-quarter earnings after seeing a continued rebound in demand and surging freight rates.

The Danish shipping giant has witnessed supply-chain bottlenecks, port congestion and shortages of equipment as retailers restock inventory and as consumer spending recovers, sending freight rates 59% higher in the quarter compared with last year while shipping volumes increased 15%.

The company posted a quarterly net profit attributable to shareholders of $3.71 billion, up from $427 million for the same period the previous year, as revenue rose 58% to $14.23 billion, in line with figures provided earlier this week.

"The outlook for the third quarter is strong and we expect that the current momentum in ocean will continue into the fourth quarter, also benefiting our terminals business," Chief Executive Soren Skou said.

"Logistics & services will continue its strong growth pattern for the rest of the year," Mr. Skou said.

In a separate release Friday, Maersk said it would acquire U.S.-based Visible Supply Chain Management in a deal worth $838 million and Europe-based B2C Europe for $86 million to boost its e-commerce logistics offering.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

August 06, 2021 03:05 ET (07:05 GMT)

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