AP Moller-Maersk has added $4bn to its profit guidance for 2021 on the back of logistical bottlenecks and surging container rates. The Danish giant said it expects to record underlying Ebitda of $22bn to $23bn during 2021, up from its previous expectations of $18bn to $19.5bn. Its underlying Ebit — operating profit — is expected to reach $18bn to $19bn, which is up from the previous range of $14bn to $15.5bn.

“The strong result is driven by the continuation of the exceptional market situation within Ocean, which has led to further increases in both long and short-term container freight rates,” the Copenhagen-listed group said in a statement on Thursday. Maersk said it made the revision because its financial performance in the first two months of the third quarter was “significantly ahead” of its previous expectations.

Its results for the second half of 2021 will be much stronger than those for the first half due “given the persistent congestion and bottlenecks in the supply chains“, it added. For the third quarter, Maersk expects to log underlying Ebitda of close to $7bn and an underlying Ebit of almost $6bn.

Maersk noted that the new guidance is still subject to uncertainty because volatility is higher than normal due to “the temporary nature of both the demand patterns and disruptions in the supply chains”.

Free cash flow for the full-year 2021 is now expected to total at least $14.5bn, up from Maersk’s previous estimate of an $11.5bn minimum.

The group’s cumulative capital expenditure guidance for 2021-22 remains unchanged at about $7bn.

AP Moller-Maersk is scheduled to publish its third-quarter result on 2 November.