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Shipping giant Maersk hikes full-year outlook after strong second-quarter By Reuters 

© Reuters. FILE PHOTO: Mobile cranes prepare to stack containers at Thar Dry Port in Sanand in the western state of Gujarat, India, February 10, 2016. REUTERS/Amit Dave

COPENHAGEN (Reuters) – Danish shipping group A.P. Moller-Maersk on Monday significantly hiked its outlook for the year after posting strong preliminary results as chaotic conditions in the global supply chain have pushed freight rates up.

“The strong quarterly performance is mainly driven by the continuation of the exceptional market situation with strong rebound in demand causing bottlenecks in the supply chains and equipment shortage,” Maersk said in a statement.

Maersk now forecasts full-year underlying earnings before interest and taxes (EBIT) in the range of $14 billion-15.5 billion, up from a previous estimate of between $9 billion-11 billion.

The company also posted preliminary second-quarter revenue of $14.2 billion and EBIT of $4.1 billion.

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