Hapag ascribed the positive business developments to significantly higher demand and transport volumes, combined with rigorous cost and revenue management. As a result, the company updated its EBITDA and EBIT guidance from €1.1 to 1.3 billion and an EBITDA of €2.4 to 2.6 billion respectively. "Thanks to the positive market development and the wide range of measures we have introduced in recent months, we expect a financial year with results well above our previous forecast," Chief Executive Officer Rolf Habben Jansen commented. "Nevertheless the pandemic will remain to be a huge challenge and a major source of uncertainty for the entire logistics industry." Hapag-Lloyd's upgraded forecast comes days after industry major Maersk lifted its guidance for 2020 amid quicker than expected market recovery. Separately, rating agency Moody's Investors Service (Moody's) raised Hapag-Lloyd's credit rating by one notch from 'B1' with a negative outlook to 'Ba3' with a stable outlook.