Maersk upgrades full-year 2024 guidance

Danish carrier Maersk has reported a revenue of $15.8 billion (preliminary unaudited figures) for the third quarter of 2024, an underlying EBITDA of $4.8 billion and EBIT of $3.3 billion.

"On the back of strong third quarter results, combined with strong container market demand and the continuation of the Red Sea situation, Maersk now expects for the full year 2024 underlying EBITDA of $11-11.5 billion and EBIT of $5.2-5.7 billion (previously $9-11 billion and $3-5 billion, respectively) and free cash flow of at least $3 billion (previously at least $2 billion)," says an official update.

The outlook for the global container market volume growth for the full year 2024 has been revised to around six percent (previously 4-6 percent).

Maersk will publish its full Q3 results on October 31, 2024, the update added.

Drewry, in its Container Market Outlook for 2025, foresees average rates to rise (both spot and contract) if there are U.S. port strikes in January 2025. "Based on our discussions with U.S. port industry executives, it is very likely because the tentative agreement has not solved the issue of automation," Drewry said in response to questions after a webinar last week.

International Longshoremen's Association (ILA), after winning a 61.5 percent wage increase for over 45,000 U.S. East Coast port workers, is gearing up for "tough negotiations" with the United States Maritime Association (USMX) representing carriers, port operators and port associations.

ILA goes on to add that the fight against automation is not just about job preservation; it is about ensuring that ILA members continue to play an essential role in port operations. "By extending negotiations, we aim to establish strong protections against the introduction of remote-controlled or fully automated machinery that threatens our work jurisdiction."