Investing.com -- Shares of ZIM Integrated Shipping Services are trading over 1.3% higher on Monday, reversing earlier losses, after competitor Maersk raised its full-year financial outlook.

Maersk now expects underlying EBITDA of $8 billion to $10 billion for the full year, up from its previous range of $4.5 billion to $7 billion. The company also raised its underlying EBIT forecast to $2 billion to $4 billion from negative $1.5 billion to positive $1 billion.

The Danish shipping company cited continued strong demand in the container market, particularly in the Far East, and a sustained increase in spot market rates as reasons for the upgraded outlook.

Maersk also improved its free cash flow guidance to at least negative $1.5 billion from at least negative $3 billion.