Maersk has increased its 2020 EBITDA guidance by 6.5% at the midpoint due to “increased momentum in Q4 in global container volumes and freight rates”, marking the second upgrade in around a month. Average achieved shipping rates rose by just 2.7% in Q3’20 compared to global China outbound market rates which grew by 10.8%, though CFO Patrick Jany noted “that the strong rate development we saw by the end of Q3 will only impact our revenue” in Q4. There may be at least two risks ahead. First, the boom in shipping volumes has included a jump in consumer goods...