The headline everyone will carry is the 7% move and the beat: underlying EBITDA of $3.0bn for the second quarter against a company-compiled consensus of $2.12bn, revenue up 20% year-on-year to $15.8bn, EBIT of $1.6bn versus $845m, group EBIT margin at 10.0%. The number that actually describes the year is buried in the guidance table. Maersk has now raised full-year underlying EBITDA three times — $4.5-7bn on 7 May, $8-10bn on 29 June, $10.

China’s National Development and Reform Commission (NDRC) — the country’s powerful central economic planner — summoned executives from Maersk and Mediterranean Shipping Company (MSC) last month and delivered an unambiguous message: cease operating the Balboa and Cristóbal ports on the Panama Canal immediately. The Financial Times confirmed the directive on April 15, citing two people familiar with the talks. Neither shipping group, nor Beijing’s foreign ministry, had responded publicly by the time of publication.