Maersk Earnings: Guidance Upped as Red Sea Disruptions Continue

Last month, when digesting Maersk’s first-quarter update, we spoke about how the ongoing disruptions in the Red Sea were offsetting the oversupply in container shipping markets, but that this offset was just papering over the cracks and would not last forever. Although we still know this to be the case, the Red Sea disruptions are going on long enough for Maersk to issue a guidance raise, with EBITDA now expected to be USD 8 billion at the midpoint for the full year, up from USD 5 billion. We reiterate our DKK 16,900 fair value estimate and see attractive upside potential from the prevailing share price.