A.P. Moeller-Maersk shares climb on upped guidance as first-quarter freight rates jump 71%

Shipping giant A.P. Moeller-Maersk’s MAERSK.B, +5.87% shares rallied 6% in mid-morning trade in Copenhagen, as the company lifted its earnings guidance for the year. A.P. Moeller-Maersk said it now expects underlying EBITDA of $30 billion, versus $24 billion previously, and free cash flow above $19 billion, versus prior guidance of above $15 billion. It gave preliminary numbers for the first quarter, posting an underlying EBITDA of $9.2 billion on revenue of $19.3 billion, as ocean volumes fell 7% but freight rates surged 71%.