Shipping group Maersk lifted its full-year forecasts after a strong first-quarter performance driven by high demand, which has led to supply bottlenecks and higher freight rates. Maersk raised its outlook for underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) to $13 (Sh1.4 trillion)-15 billion (Sh1.6 trillion) from $8.5 (Sh916 billion)-10.5 (Sh1.1 trillion) billion. It expects an underlying EBIT of $9 billion (Sh970 billion)-11 billion (Sh110 billion), up from 4.3-6.3 billion previously, Maersk said in a statement released late Monday. Volumes in its Ocean division increased by 5.7 per cent in the first quarter, while average freight rates rose 35 per cent. Take a surveyPreliminary first quarter revenue came in at $12.4 (Sh1.3 trillion) billion, while underlying EBITDA and EBIT was $4 billion and $3.1 billion respectively, Maersk said.

Source: Standard Digital April 28, 2021 21:00 UTC