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MAERSK has reported second-quarter 2022 profits ahead of its previous expectations.

The company reported its revenue for the quarter was US$21.7 billion, its underlying EBITDA was US$10.3 billion and its underlying EBIT was US$8.9 billion.

“The strong result is driven by the continuation of the exceptional market situation within ocean,” the company said.

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“Congestion in global supply chains leading to higher freight rates has continued longer than initially anticipated. Consequently, APMM’s full year guidance for 2022 has been revised upwards with underlying EBITDA now expected to be around US$37 billion (previously around US$30 billion) and underlying EBIT expected around US$31 billion (previously around US$24 billion).”

Maersk said its free cash flow for the full-year 2022 is now expected to be above US$24 billion (previously above US$19 billion), while the cumulative capex guidance for 2022-23 is unchanged of US$9.0-10.0 billion.

The company said its 2022 guidance is currently based on a gradual normalisation in ocean taking place in the fourth quarter of this year.

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