Maersk raises full-year forecast as freight rates remain elevated

The Danish shipping giant Maersk has raised its full-year profit forecast after reporting better-than-expected second-quarter results.

Maersk, the world's largest container shipping company, now expects to make an underlying profit of between $24 billion and $27 billion this year, up from a previous forecast of $22 billion to $25 billion.

The upgrade comes as freight rates remain elevated due to ongoing supply chain disruptions and strong demand for consumer goods.

Maersk said that it had seen "continued strong demand" for its services in the second quarter, with volumes up 5.2% compared to the same period last year.

The company also benefited from higher freight rates, with the average rate per container increasing by 76% year-on-year.

Maersk's results were welcomed by investors, with the company's share price rising by more than 4% in early trading.

Analysts said that the upgrade was a sign that the shipping industry was continuing to benefit from the strong global economy.

"Maersk's results show that the shipping industry is still in a very strong position," said Lars Jensen, an analyst at SeaIntelligence Consulting.

"The company is benefiting from high freight rates and strong demand for its services, and this is likely to continue in the coming months."

Maersk's positive outlook is in line with other recent reports from the shipping industry.

Last week, the Baltic Dry Index, which measures the cost of shipping raw materials, reached its highest level in more than 10 years.

This suggests that demand for shipping services is continuing to grow, which is likely to benefit Maersk and other shipping companies in the coming months.