DANISH shipping group AP Moller-Maersk, owner of the world's largest container carrier Maersk Line, says it swung to a profit in the second quarter but cautioned about uncertainty related to global trade amid US sanctions on major economies. Second-quarter revenue grew 24 per cent to US$9.5 billion, leading to a $26-million profit, compared with a $264-million loss a year earlier. The profit of $26 million was mainly due to discontinued operations making up for higher bunker fuel costs and a marginal increase in rates that the carrier expects to improve for the rest of the year, according to IHS Media. CEO Soren Skou said the company delivered "strong growth", with the acquisition of German container shipping company Hamburg Sud "a positive contributor." However, Mr Skou said in a conference call that "we are not pleased with our level of earnings", but also noted that the ocean and logistics units are posting strong growth. "We have to do better in the second half than the first half to reach our [full year] guidance." The Copenhagen-based group said full-year guidance "continues to be subject to uncertainties", including further restrictions on global trade. "We expect revenue of around $40 billion in 2018, up almost 50 per cent since 2016," Mr Skou added. "For the rest of the year we expect improvements in our profitability driven by lower unit costs and higher freight rates." The group's ocean segment, which accounted for $7 billion in revenue in the second quarter of 2018 compared to $5.5 billion in the second quarter of 2017, saw a "sharp improvement in unit cost" after a first quarter "that was negatively impacted by inflow of capacity from the acquisition of Hamburg-Sud and network issues". The unit had earnings before interest, taxes, depreciation and amortisation of $674 million compared with $876 million in the second quarter of 2017, reports American Shipper. The company said that it carried nearly 6.8 million TEU in the second quarter, 25.9 per cent more than in the same period last year. The average freight rate in the second quarter of 2018 was $1,840 per FEU down 1.2 per cent when compared to the second quarter of 2017. But the company said excluding Hamburg-Sud, which has higher-than-average freight rates, rates were down 5 per cent year on year.