DSV, a Danish shipping company, said that it expected disruptions in the Red Sea to have a positive effect on its earnings during the second half.

Third-largest global freight forwarder, a company that operates in sea, air and roads divisions, has reported an increase in volume and a continued gain of market share during the second quarter.

In a press release, CEO Jens Lind said that "in a challenging environment we delivered a solid financial performance in Q2 2020 driven by positive volume and stabilisation gross profit per unit" in the Air and Sea Division.

DSV stated that the financial impact of Houthi militants attacks on ships in the Red Sea has not yet been reflected in results, but will likely have a slight positive impact for the remainder of the year.

The situation in the Red Sea, which has resulted mainly in container shipping companies such as Maersk benefiting from higher freight rates, has also led to more business for freight forwarders like DSV.

DSV has lowered its guidance for the full year and expects to earn between 2,25 billion and $2,47 billion Danish crowns (EBIT and special items) instead of its previous range 15 billion to 17, billion Danish crowns.

The second quarter figure fell from 4,71 billion crowns to 4,10 billion crowns, compared with a year ago. In a poll conducted by the company, analysts had forecast an average of 3,99 billion crowns.

The company announced that it has launched an initiative for improving operational efficiency. This will manifest gradually in the second half year, and have a positive effect on the operating profit of 750 millions crowns next.