Maersk hikes 2023 guidance despite weak outlook

Danish carrier Maersk has hiked its 2023 guidance to an underlying EBITDA of $9.5-11 billion(earlier estimate of $8-11 billion) and underlying EBIT of $3.5-5 billion (previously $2-5 billion) despite a weakened second half market outlook. While the ongoing market normalisation continued through the second quarter, leading to lower volumes and lower rates, revenue declined 40 percent to $13 billion compared to $21.7 billion in Q2 2022. Profit before financial items (EBIT) declined 82 percent to $1.6 billion compared to $9 billion in the same period last year. Profitability was strong at 12.4 percent, although significantly lower compared to the extraordinarily strong Q22022, says an official release.