A.P. Moller-Maersk A/S, a key indicator of global trade, has revised its full-year profit forecast upwards, attributing it to increased congestion in the Red Sea, which is amplifying the impact on global supply lines and consequently driving up freight rates.

The company announced that it now anticipates underlying earnings before interest, tax, depreciation, and amortization to range between US$7 billion and US$9 billion for the year. This is up from the previous forecast of US$4 billion to US$6 billion.

This marks the second upward revision in about a month, prompted by disruptions in global supply lines, notably due to Houthi militant attacks in the Red Sea. Maersk also highlighted signs of further port congestions, particularly in Asia and the Middle East, leading to increased rates.

Maersk stated that this development is gradually building up and is expected to contribute to a stronger financial performance in the second half of 2024.