Danish container line Maersk upgraded its EBITDA guidance for 2020 because of an improving business environment, the company said in a press release Nov. 17.
Based on "increased momentum in Q4 in global container volumes and freight rates in its Ocean business A.P. Moller-Maersk now expects a full year 2020 [EBITDA] ... in the range of $8 [billion]-8.5 billion," the company said.
This was up from the previous guidance of $7.5 billion-8 billion. Maersk provided no other business metrics. It is due to publish third quarter interim results Nov. 18.
The raised forecast was in line with S&P Global Ratings expectations in October of higher earnings due to a less severe decline in global trading and lower bunker fuel prices than previously forecast, "as well as the company's tight grip on costs and capacity management," it said.
The ratings agency revised its outlook for Maersk to positive from negative and affirmed its BBB long-term issuer credit rating.
