Maersk expects a stronger financial performance in the second half as container spot rates reach their highest level since August 2022.

    On June 3, Maersk released a 2024 performance upgrade announcement on its official website, raising its annual profit before interest, tax, depreciation and amortization (EBITDA) from $4 billion to $6 billion to $7 billion to $9 billion, and its profit before interest and tax (EBIT) from a loss of $2 billion to $0 to a profit of $1 billion to $3 billion.

    Danish shipping group Maersk said in a statement on Monday that it was facing severe terminal congestion at Mediterranean and Asian ports, causing significant delays to its ship schedules.

    The world's second-largest container shipping line will cancel two westbound flights from China and South Korea scheduled for early July because of the congestion, it added.

    Maersk's announcement comes as the global supply chain is suffering a string of delays and higher costs due to attacks by Houthi militants in Yemen on merchant ships near the Suez Canal. As a safety precaution, major shipping companies such as Maersk, MSC and Hapag-Lloyd have diverted ships around longer routes in Africa.

    Singapore, which has the world's second-largest container port, is the latest country to be affected by congestion, according to Linerlytica. The company's data also showed congestion at ports in China, Dubai, Spain and the United States.

    Shipping experts say Chinese ports have been affected by high winds and other weather, affecting the flow of goods.

    Lynerlytica said the growing congestion at the ports of Singapore and Jebel Ali in Dubai was due to a sudden surge in cargo demand and continued disruptions caused by the diversion of ships in the Red Sea.

    Singapore authorities said they are reactivating the old berths at Keppel Terminal to increase capacity and speed up the commissioning of the new berths at Tuas Port.

    According to pricing platform Xeneta, very large vessels from the Far East are unloading containers at western Mediterranean ports such as Barcelona and then reloading them on smaller vessels en route to their final destinations in central and eastern Mediterranean ports, straining operations at some ports.

    Congestion is also increasing at two East Coast ports, according to the Journal of Commerce. The trade publication reported that the congestion in Charleston, South Carolina, was due to ongoing infrastructure projects, while the congestion in Savannah, Georgia, was related to a recent software glitch.

    "Congestion is gradually building up and is expected to contribute to stronger financial results in the second half of 2024."

    On May 31, the Shanghai export container Comprehensive Freight Index (SCFI) released by the Shanghai HNA Exchange was 3044.77 points, the highest level since August 2022. Among them, the freight of Shanghai-Europe route reached 3,740 US dollars /TEU, the freight of Shanghai-West America and the United States East route reached 6,168 US dollars /FEU and 7,206 US dollars /FEU respectively.

    "We believe the situation is unlikely to ease anytime soon given the early peak season, combined with capacity and box shortages caused by disruptions in the Red Sea," HSBC Global Research commented in its June 3 Global freight Monitor.