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International Business Times
International Business Times
Business
AFP News

Maersk Ups Profit Target By $2bn On Red Sea Shipping Woes

Robust demand for container shipping and the crisis in the Red Sea have lifted freight rates (Credit: AFP)

Danish shipping giant Maersk said Thursday it expects its underlying profit in 2024 to be $2 billion higher than its previous forecast as freight rates have increased amid the crisis in the Red Sea.

Months of attacks by Yemen's Iran-backed Huthis have prompted some shipping companies to detour around southern Africa to avoid the Red Sea route -- which normally carries about 12 percent of global trade.

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