A.P. Moller – Maersk (Maerks), the biggest container shipping liner in the world by market share, has upgraded its 2019 financial outlook.
In a statement, Maersk said it expects its earnings before interest, taxes, depreciation and amortization (EBITDA) to be in the range of US$5.4 billion to $5.8 billion when it had previously been $5 billion.
It put the upgrade down to a better than expected performance in its Ocean segment, which was driven by strong reliability and capacity management, combined with lower fuel prices.
It also credited lower fuel prices and improvements in Terminal and Towage, which will perform stronger than expected.
Maersk’s revenue was approximately $10 billion in 2019’s third quarter and its EBITDA was 1.65 billion in the same time frame.
In the first three quarters – January to September – the revenue was $29 billion and its EBITDA was $4.2 billion.
Maersk will detail its revised full year outlook once it releases its interim third quarter report on November 15.