Maersk's improved guidance stems from higher shipping rates driven by the Middle East conflict and fuel surcharges, but strong cargo demand has also helped, with freight rates rising even as fuel prices fell, Bernstein says in a note. The U.S. brokerage isn't clear whether demand reflects genuine economic growth or if companies are pulling orders forward to sidestep upcoming tariffs and surcharges. The Danish shipping group's upgraded volume growth outlook suggests a mix of both, analyst Alex Irving says. The long-term threat of oversupply looms over the industry, and some shipping lines continue to order massive new vessels, which could hurt future profitability. Shares open 3.7% higher at 16,470 kroner. (sarah.sloat@wsj.com)