Red Sea Route's Inaccessibility Boosts A.P. Moller-Maersk's Profits

Foreks - A.P Moller-Maersk reported higher net profit in the third quarter due to freight rate increases caused by disruptions in the Red Sea shipping line. The Danish shipping giant released some quarterly earnings figures last week and raised its full-year outlook for the fourth time this year as it continues to benefit from strong demand in the container market. In its report, Maersk stated that net profit rose to $3.05 billion from $521 million in the same period last year. Maersk expects its earnings before interest, taxes, depreciation, and amortization to be between $11 billion and $11.5 billion, and its earnings before interest and taxes to be between $5.2 billion and $5.7 billion.