Maersk raises profits, sees more supply chain woes

STORY: Maersk raised its 2022 profit guidance for a second time on Tuesday (August 2) after beating quarterly revenue expectations.

The shipping industry has seen record profits in recent quarters thanks to a surge in consumer demand and congested global supply chains.

In a statement, Maersk said supply chain issues had continued for longer than anticipated.

The Danish firm now expects underlying earnings of around $37 billion.

That’s compared to the $30 billion it had previously forecast.

The new guidance is based on a gradual normalization in ocean container shipping in the fourth quarter of this year.

Maersk is often seen as a barometer for global trade as it transports goods for retailers and consumer companies including Walmart, Nike and Unilever.

It is one of the world's biggest container shippers with a market share of around 17%.

In June, the firm said that the cost of shipping goods was unlikely to calm anytime soon due to a range of inflationary pressures.

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