SIMIC

Already on track for record profits, the largest ever for any Danish company, it increased its profit forecast by nearly five per cent and free cash flow from operations by more than 13 per cent.

The company said fourth quarter results were driven by an 80 per cent improvement for its average freight rates during the quarter versus the year ago.

The strong freight rates more than offset a four per cent decrease in ocean volumes during the fourth quarter.

Total revenues in the fourth quarter reached $18.5 billion which exceeds the $16.6 billion in revenues for the third quarter, which was the company's 13th quarter in a row with year-on-year profit increases.

As a result, Maersk said it will report earnings of $8 million (EBITDA) or an underlying EBIT of $6.8 billion for the fourth quarter.

"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," Maersk writes in its trading update. "Consequently, given the strong performance in Q4 2021 the preliminary full-year figures for 2021 will exceed our previous guidance."