Maersk hikes earnings outlook on improved demand

Shipping giant Maersk raised its earnings outlook for the year on Tuesday following a recovery in demand and measures to improve costs, the company said in a trading update. Maersk now expects full-year earnings before interest, taxes, depreciation and amortisation (EBITDA) in the range of $7.5 billion to $8.0 billion before restructuring and integration costs, up from an earlier range of $6.0 billion to $7.0 billion.

The company also said it expected restructuring costs of around $100 million in the third quarter related to redundancies of around 2,000 employees.