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Maersk Raises Outlook as Ocean Earnings Surge

[ August 13, 2026   //   ]

A.P. Moller-Maersk sharply raised its full-year earnings outlook after stronger freight rates, growing container volumes and widespread supply chain disruption helped drive a more than fourfold increase in second-quarter Ocean operating profit.

Maersk reported second-quarter revenue of US$15.8 billion, up 20 percent from US$13.1 billion a year earlier. EBITDA increased to US$3 billion from US$2.3 billion, while EBIT nearly doubled to US$1.6 billion from US$845 million. The group posted an EBIT margin of 10 percent.

Ocean provided the biggest earnings lift. Segment revenue increased 23 percent as loaded volumes grew 4.1 percent and the average loaded freight rate rose 22 percent. Ocean EBIT reached US$935 million, compared with US$229 million a year earlier and a loss of US$192 million in the first quarter.

Vessel utilization remained at 96 percent, while unit costs at fixed energy prices declined 0.8 percent.

Maersk said strong exports from the Far East, particularly China, supported import growth into North America, Latin America and Africa. Increasingly unbalanced trade flows, tight capacity and congestion in Europe, the Middle East, East Coast South America and West Africa helped push spot rates higher during the quarter.

“The second quarter was yet another proof point of the new era of heightened volatility we have entered,” CEO Vincent Clerc said.

Clerc said strong Far East demand since 2024 has produced increasingly unbalanced trade flows, with cargo volumes challenging landside infrastructure capacity and creating congestion and disruption from ports through inland transportation networks.

Disruption in the Strait of Hormuz also reshaped Maersk’s network during the quarter. The carrier said Gulf-bound cargo was rerouted through alternative ports and inland transportation corridors, while affected Ocean capacity was redeployed to other growing trade lanes.

The disruption also contributed to growth at Logistics & Services, where revenue increased 15 percent year over year and EBIT rose to US$217 million from US$175 million. Landside operations led the increase, including landbridge services connecting ports across the Gulf region, while air forwarding and Project Logistics recorded strong volume growth.

The segment’s EBIT margin improved to 5.1 percent.

Terminals revenue increased 11 percent as volumes grew 2.2 percent and revenue per move increased 7.1 percent, reflecting higher rates and storage revenue. EBIT was US$458 million, essentially unchanged from US$461 million a year earlier.

Maersk raised its 2026 underlying EBITDA forecast to US$10.5 billion-US$12.5 billion, from US$8 billion-US$10 billion previously. Underlying EBIT is now expected at US$4.5 billion-US$6.5 billion, compared with the previous US$2 billion-US$4 billion range.

The company also raised its free cash flow outlook to above zero from its previous forecast of at least negative US$1.5 billion.

The revised guidance assumes global container market volume growth of about 4 percent in 2026.

Maersk continued its US$1 billion share repurchase program during the quarter and highlighted investments in terminal and logistics infrastructure, including the opening of APM Terminals’ US$350 million Suape terminal in Brazil and an agreement to develop the more than US$1.7 billion Lien Chieu Container Terminal in Vietnam.

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