(Bloomberg) — AP Moller-Maersk A/S, a global trade gauge, raised its full-year forecast for the fourth time in less than six months, citing stronger demand and higher freight costs caused by supply chain disruptions due to attacks. in the Red Sea.

Maersk now expects underlying earnings before interest, taxes, depreciation and amortization of between $11 billion and $11.5 billion this year, compared with a previous forecast of $9 billion to $11 billion, the Copenhagen-based company said Monday. Analysts on average expected $10.1 billion, according to estimates compiled by Bloomberg.

Maersk had already raised its 2024 profit forecasts in May, June and August as the Red Sea conflict had a greater than expected impact on global supply lines. Since late last year, Houthi attacks have forced container ships to sail to southern Africa, absorbing some of the container sector’s overcapacity, which has helped drive up container rates .

Maersk announced earlier this month that it would begin its ship-sharing partnership with Hapag-Lloyd AG in 2025 by sailing south to Africa, indicating that container lines expect the Red Sea remains dangerous until next year.

On Monday, the Danish shipping company also said it expects global container demand to grow 6% this year, compared to a range of 4-6% seen previously. Its ADRs have climbed up to 7%.

Maersk, which controls around a sixth of the world’s container trade, has in recent years sought to expand into the land transport and freight forwarding business – where profit margins have historically been higher than those at sea. Yet last quarter , it abandoned a bid for Deutsche Bahn AG’s logistics unit DB Schenker, which its Danish peer DSV A/S ended up acquiring for 14.3 billion euros ($15.5 billion).

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