Maersk again ups profits guidance
Written by Nick Blenkey
Maersk’s next generation containerships will require at-scale production of green methanol.
Looks like A.P. Moller – Maersk A/S won’t be strapped for cash as it plans a new generation of methanol fueled box ships and ratchets up its decarbonization ambitions.
Maersk is reporting preliminary fourth quarter 2021 results that are better than its previous expectations with revenue of $18.5 billion, an underlying EBITDA (earnings before interest, tax, depreciation and amortization) of $8 billion and an underlying EBIT (earnings before interest and tax) of $6.8 billion.
Volumes in Maersk’s Ocean business decreased by 4% but average freight rates improved by 80% in the fourth quarter compared to previous year.
“The strong result in the quarter reflects the continuation of the exceptional market situation within Ocean caused by the global disruptions to the supply chains, which have led to further increase in container freight rates,” notes Maersk, saying that given the strong fourth quarter, its preliminary full-year figures for 2021 will exceed its previous guidance.
The company now expects an underlying EBITDA of USD 24 billion (previous guidance of $22-23 billion), an underlying EBIT of $19.8 billion (previous guidance $18-19 billion) and a free cash flow (FCF) of $16.4 billion (previous guidance minimum $14.5 billion).
