Previous close | 1,522.44 |
Open | 1,450.00 |
Bid | 0.00 x 0 |
Ask | 0.00 x 0 |
Day's range | 1,450.00 - 1,450.00 |
52-week range | 1,249.00 - 2,150.00 |
Volume | |
Avg. volume | 90 |
Market cap | 22.763B |
Beta (5Y monthly) | 1.18 |
PE ratio (TTM) | 6.39 |
EPS (TTM) | N/A |
Earnings date | N/A |
Forward dividend & yield | 75.09 (5.18%) |
Ex-dividend date | 15 Mar 2024 |
1y target est | N/A |
COPENHAGEN (Reuters) -Shipping group Maersk raised its full-year profit guidance after posting better than expected quarterly earnings on Thursday, citing strong container shipping demand and the diverting of vessels around Africa to avoid the Red Sea. The Copenhagen-based company, viewed as a barometer of world trade, said growth in demand for ocean container shipping was at the upper end of the expected 2.5-4.5% range this year. Maersk and rivals have diverted ships around Africa since December to avoid attacks by Houthi militants on vessels in the Red Sea, sending freight rates higher because of the longer sailing times.
European shipping firms Maersk and Hapag-Lloyd are unlikely to get a big boost from soaring freight rates due to the Red Sea crisis in the first quarter, reinforcing worries about overcapacity in the long run. Spot freight rates tripled to almost $3,500 a container after vessels began avoiding the Red Sea due to attacks by Houthi militants, the Freightos Baltic Index showed. That compares to the pandemic peak of $13,559, at a time when shippers ordered new vessels in a move that later caused overcapacity, according to Stifel analyst Marc Zeck.
Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk, the presidency said in a statement on Sunday. The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia.