It's the second time the Danish shipping giant has revised its profit projections this year. The parent of container carrier Maersk Line now expects group profits to exceed the $3.5 billion it made in 2008 'provided that freight rates, oil prices and the U.S. dollar exchange rate remain stable at current levels.'
Maersk said the improved expectations include the profits of a sale of the company's stake in a container terminal in the Yantian complex in South China. It also likely reflects the extent to which container shipping demand and rates have risen this year.
'The outlook for 2010 is still subject to considerable uncertainty, not least due to the development in the global economy,' Maersk said in a statement. 'Specific uncertainties relate to the container freight rates, transported volumes, U.S. dollar exchange rate and oil prices.'
The Maersk group will announce their half-year profits in mid-August. The projected profit revision Thursday accounts for the entire group, and not just container shipping.
