Given the Q1 2021 result and the revised expectations that the exceptional market situation will continue well into the Q4 2021 - vs. the previous expectations that the situation would continue in Q1 and normalise thereafter – the full-year guidance has been revised upwards on 26 April 2021 to:
- Underlying EBITDA in the range of USD 13.0-15.0bn (previously USD 8.5-10.5bn) compared to USD 8.3bn in 2020
- Underlying EBIT in the range of USD 9.0-11.0bn (previously USD 4.3-6.3bn) compared to USD 4.2bn in 2020
- Free cash flow (FCF) of minimum USD 7.0bn (previously above USD 3.5bn) compared to USD 4.6bn in 2020.
Ocean is still expected to grow in line with global container demand, which is now expected to grow 5-7% in 2021 (previously 3-5% in 2021), primarily driven by the export volumes out of China to the USA.
For the years 2021-2022, the accumulated CAPEX is now expected to be around USD 7.0bn (previously USD 4.5-5.5bn).