Maersk reported a strong Q2 print, beating both our and consensus estimates across all three segments. Furthermore, the company revised up its 2025 EBITDA guidance to USD 8.0-9.5bn (from USD 6.0-9bn) on the back of a yearly volume growth forecast between 2-4%. Rates and volumes held up well going into Q3, which suggests the company may have had a flying start to the quarter, although we expect much of recent volume strength to be attributed to front-loading of cargoes. We struggle to see a scena ....
