Maersk warns of shipping chaos

DISRUPTION in global supply chains will continue for several more months, one of the world’s biggest shipping companies has warned.

An “exceptional market” for transport companies including sky-high container rates will result in further bumper profits and will not ease until late 2022, the Danish shipper Maersk said yesterday.

Maersk, which handles about a sixth of the global container trade, said its full-year underlying earnings before tax will be around $31bn (£25bn), versus a previous estimate of $24bn.

It is the second upgrade to its profit forecast this year. “The strong result is driven by the continuation of the exceptional market situation within [ocean freight],” it said.

Anders Redigh Karlsen, an analyst at Kepler Cheuvreux, said the performance was “way beyond consensus”. Maersk shares rose as much as 3.7pc at the open in Copenhagen. The container shipping company said its forecasts are based on a “gradual normalisation” across ocean freight taking place in the final quarter of this year.

Maersk and its rivals have been experiencing a boom for nearly two years after supply chain disruptions caused by the pandemic sent container prices soaring.