AP Moller-Maersk has turned in a profit well ahead of forecasts thanks to an upturn in container freight rates and volumes.

The Danish shipping reported a 17% increase in Ebitda to $1.36bn for the second quarter of the year, compared with $1.16bn in the previous corresponding period.

Revenue grew slightly to $9.6bn, which is on par with last year.

Chief executive Soren Skou hailed the second quarter as a period of “solid progress”.