Hapag-Lloyd has again massively upgraded its earnings forecast on the back of soaring freight rates.

The world’s fifth-largest liner company is projecting Ebitda of $19.5bn to $21.5bn this financial year — $5bn higher than previously forecast in April.

It also upgraded its Ebit projection to the range of $17.5bn to $19.5bn, according to preliminary figures released today.

The German liner giant issued the upgrade after earnings more than doubled in the first half of the year.