Sees stronger growth in global container market
Raises fullyear profit forecast
Says Q4 outlook uncertain
Share price turns lower after initial rise

COPENHAGEN, Aug 1 Reuters Shipping group Maersk raised its fullyear earnings and market demand forecasts on Thursday, partly due to disruptions to Red Sea trading routes, but also said prospects for the fourth quarter were uncertain.

The Danish group, seen as a barometer of world trade, said it now expected global container market volumes to increase 46 this year, up from its previous forecast of growth at the upper end of a 2.54 range.

It added, however, that there was a lack of clarity around supply and demand in the fourth quarter of the year.

Maersk39;s share price initially rose on the news, before reversing to trade down 0.5 at 1252 GMT.

The company also forecast its underlying earnings before interest, tax, depreciation and amortisation EBITDA would total 911 billion this year, versus its previous estimate of 79 billion.

Attacks on vessels in the Red Sea by Iranaligned Houthi militants have disrupted a shipping route vital to eastwest trade, with prolonged rerouting of shipments pushing freight rates higher and causing congestion in Asian and European ports.

Maersk expects this situation to last at least until the end of the year, it said, while adding that uncertainty remained.

Trading conditions remain subject to higher than normal volatility given the unpredictability of the Red Sea situation and the…