Maersk revises earnings forecasts, predicts even better remainder of 2021

Maersk reinstates Transpacific Eastbound services

A.P. Moller-Maersk (Maersk) has updated its guidance for the remainder of 2021, anticipating an EBITDA of $22 – $23 billion.

In a 16 September trading update for Q3 2021 and the 2021 full year, Maersk “recognised a financial performance significantly ahead of our previous expectations,” the company wrote, and now expects Q3 2021 to reach an underlying EBITDA close to $7 billion, and an underlying EBIT close to $6 billion.

Given persistent congestions and bottlenecks in supply chains, Maerks now expects the second half year 2021 “to be stronger than previously anticipated,” both in Q3 and full year 2021.

“Consequently, the full year guidance for 2021 has been revised upwards with an underlying EBITDA now expected in the range of $22-23 billion (previously $18-19.5 billion) and underlying EBIT expected in the range of $18-19 billion (previously $14-15.5 billion).

The free cash flow (FCF) for the full-year 2021 is now expected to be minimum $14.5 billionn (previously minimum $11.5 billion), the company wrote – while the cumulative CAPEX guidance for 2021-22 is unchanged of around $7 billion.

“The strong result is driven by the continuation of the exceptional market situation within Ocean, which have led to further increases in both long- and short-term container freight rates,” Maersk added.

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