Danish shipping group AP MoellerMaersk on Monday raised its fullyear earnings assistance for the second time in a month on the back of strong container market demand and the crisis in the Red Sea.

Maersk now expects its underlying incomes before interest, tax, depreciation and amortisation in the variety of $7. billion to $9 billion, up from its previous projection of $4. billion to $6 billion.

The business, deemed a barometer of world trade, said. it now sees indications of additional port congestions, particularly in. Asia and the Middle East, and additional increase in container. freight rates.

The increase in container freight prices and additional port. congestions are anticipated to contribute to a stronger monetary. performance in the second half of 2024, Maersk stated.

Maersk had

raised

its full-year profit assistance last month when it reported. first-quarter incomes, pointing out strong demand and higher freight. rates as ships sailed longer to avoid dispute in the Red Sea.

The business previously on Monday

said

that it was dealing with considerable terminal blockage in. Mediterranean and Asian ports, triggering substantial hold-ups in its. vessel schedule.

Maersk likewise stated it anticipates to have a free capital of. at least $1 billion in 2024. It updated its incomes before. interest and tax