Maersk lifts guidance after doubling Q2 profits

Shipping giant Maersk has raised its full-year earnings guidance after reporting a doubling of profits in the second quarter. The company revealed a net profit of US$1.3 billion, up from US$614 million a year earlier in Q2 2022. Despite the ongoing Middle East war causing disruptions in tanker and cargo traffic through the Strait of Hormuz, Maersk's global team capitalized on opportunities in challenging markets, resulting in significant volume and earnings growth across its businesses.

Chief executive Vincent Clerc attributed the success to the company's ability to navigate volatile logistics networks and supply chains impacted by the Middle East situation. Higher freight rates and lower depreciation due to changes in vessel useful lives contributed to the profit increase. For the full year, Maersk now anticipates EBITDA operating profit between US$10.5 billion and US$12.5 billion, up from the previous forecast of US$8-10 billion. Maersk's shares climbed around 4.3% in early trading on the Copenhagen stock exchange.