Maersk Delivers Strong Second-Quarter Performance as Robust Demand and Higher Ocean Rates Lift Earnings
Maersk A/S delivered a strong second-quarter performance, supported by resilient global demand, higher spot rates in its Ocean business and continued growth across all three of its major business segments. The results prompted the company to significantly raise its full-year financial guidance, reflecting stronger-than-expected earnings momentum and the ability of its global operations to capture opportunities amid increasingly volatile and congested trade conditions.
Maersk now expects full-year underlying EBITDA of between USD 10.5 billion and USD 12.5 billion, compared with its previous guidance range of USD 8 billion to USD 10 billion. The company has also raised its underlying EBIT outlook to between USD 4.5 billion and USD 6.5 billion, up from the previous range of USD 2 billion to USD 4 billion.
The upgraded outlook follows a quarter in which Maersk recorded broad-based volume and earnings growth across Ocean, Logistics & Services and Terminals. Group EBITDA reached USD 3.0 billion in the second quarter, compared with USD 2.3 billion in the same period a year earlier. EBIT increased to USD 1.6 billion from USD 845 million, while the group’s EBIT margin reached 10.0%.
The performance reflects both favorable market conditions and Maersk’s ability to adapt its network and services as global trade flows continue to change.
Strong Demand Supports Second-Quarter Growth
Global demand for transportation and logistics remained resilient during the second quarter. Strong cargo flows, particularly from the Far East, continued to influence global shipping patterns and created opportunities across Maersk’s international network.
The company has experienced sustained demand momentum from the Far East since 2024. At the same time, trade flows have become increasingly unbalanced, creating pressure on ports, inland transportation networks and other elements of the global supply chain.
These conditions have contributed to congestion and disruption across several geographic markets. Rather than limiting growth, however, Maersk was able to use its global network and operational flexibility to redirect capacity and respond to changing cargo flows.
The company reported group revenue of USD 15.8 billion for the second quarter, representing a 20% year-on-year increase from USD 13.1 billion. Ocean was the largest contributor to the increase, accounting for approximately USD 2.0 billion of additional revenue.
The stronger financial results demonstrate the impact of higher volumes, improved pricing and continued demand across Maersk’s diversified transportation and logistics portfolio.
Ocean Segment Leads Earnings Improvement
Ocean remained the primary driver of Maersk’s second-quarter performance. The business benefited from stronger demand, higher spot freight rates and increased volumes across several major trade lanes.
Ocean revenue increased 23% year-on-year, while loaded volumes rose 4.1%. The volume increase was primarily driven by strong Asian exports, reflecting continued demand from the Far East.
The average loaded freight rate increased by 22%, providing a significant boost to segment earnings. The combination of higher volumes and stronger rates enabled Ocean to generate substantially improved profitability compared with both the previous year and the first quarter of 2026.
Ocean reported EBIT of USD 935 million in the second quarter, compared with USD 229 million in the same quarter of the previous year. The result also represented a major improvement from the USD 192 million EBIT loss recorded by the segment in the first quarter of 2026.
Vessel utilization remained high at 96%, demonstrating the strong level of demand and effective deployment of Maersk’s available capacity.
At the same time, unit costs at fixed energy decreased by 0.8%. Higher volumes helped counterbalance increases in operating costs, allowing the company to maintain greater cost efficiency while expanding activity.
The performance illustrates the importance of Maersk’s ability to adjust capacity in response to rapidly changing market conditions.
Changing Trade Routes Create New Challenges
One of the most significant factors affecting global shipping during the quarter was the disruption of traffic flows through the Strait of Hormuz.
As cargo destined for the Gulf was rerouted through alternative ports and inland transportation corridors, Maersk adapted its network to accommodate changing trade patterns. Ocean capacity affected by the disruption was redeployed to other trade lanes where demand was growing.
This flexibility allowed the company to continue serving customers despite disruptions and changing cargo flows.
At the same time, the rerouting of cargo contributed to additional pressure on ports and inland transportation infrastructure. Congestion increased across multiple regions, highlighting the increasingly interconnected nature of global supply chains.
Maersk Chief Executive Officer Vincent Clerc described the second quarter as another indication of the heightened volatility affecting global trade.
According to Clerc, strong and broad-based demand from the Far East has contributed to increasingly unbalanced trade flows and volume levels that are putting pressure on landside infrastructure. Congestion and disruption are being experienced across ports and inland transportation networks in multiple geographies.
The company’s global team has nevertheless been able to capture opportunities arising from these difficult market conditions, contributing to the substantial increase in its full-year guidance.
Logistics & Services Continues to Improve
Maersk’s Logistics & Services segment also delivered another quarter of improvement, supported by stronger revenue growth and better profitability.
Revenue increased 15% year-on-year and 11% sequentially. The segment’s EBIT rose to USD 217 million from USD 175 million in the second quarter of the previous year and increased from USD 173 million in the first quarter of 2026.
The EBIT margin reached 5.1%, representing a 0.5-percentage-point improvement compared with the previous quarter.
Landside operations were the leading contributor to growth. The business benefited from landbridge solutions connecting ports across the Gulf region, allowing Maersk to provide alternative transportation options as changing trade conditions affected traditional routes.
Forwarding operations also performed well, with strong volume growth in Air and Project Logistics contributing to improved results.
Solutions generated a positive contribution as well, supported by a favorable mix of new and existing contracts.
The performance of Logistics & Services is important to Maersk’s strategy of providing customers with integrated supply chain solutions rather than focusing exclusively on ocean transportation. As supply chains become more complex, customers increasingly require coordinated services spanning transportation, warehousing, forwarding and landside distribution.
The continued improvement in the segment therefore supports Maersk’s broader ambition to operate as an integrated logistics company.
Terminals Maintains Strong Earnings
Maersk’s Terminals business continued to deliver strong underlying performance during the second quarter, despite the impact of conflict in the Middle East.
Revenue increased 11% year-on-year, supported by both higher volumes and improved revenue per move. Revenue per move increased 7.1%, driven by higher rates and increased storage revenue.
Container volumes increased 2.2%, demonstrating continued demand across the company’s terminal network.
Terminals reported EBIT of USD 458 million, compared with USD 461 million in the second quarter of the previous year. Although EBIT was slightly lower year-on-year, the result improved from USD 436 million in the first quarter of 2026.
The underlying performance was strong enough to more than offset the negative effects associated with the Middle East conflict.
Maersk continues to invest in terminal capacity and infrastructure as part of its long-term strategy to strengthen the physical assets supporting global trade.
Investing in Critical Trade Infrastructure
Despite volatile market conditions, Maersk continues to invest heavily in infrastructure, technology and supply chain capabilities.
The company’s investment strategy reflects its view that bottlenecks across global trade networks are likely to remain significant. Increasing congestion at ports and limitations in inland transportation capacity are creating challenges for shippers and logistics providers.
Maersk believes investment in critical infrastructure and additional capacity will be necessary to support customers and improve the resilience of global supply chains.
One major milestone during the quarter was achieved in Brazil, where APM Terminals inaugurated its new terminal in Suape.
The facility represents a USD 350 million investment and is the first fully electrified container terminal on the continent. The project demonstrates Maersk’s focus on combining increased logistics capacity with more sustainable infrastructure.
The development is also supported by Maersk’s Logistics & Services operations. A new distribution and warehousing facility further strengthens the integrated logistics capabilities available at Suape and across north-east Brazil.
The combination of terminal infrastructure, warehousing and distribution capabilities is consistent with Maersk’s strategy of providing customers with end-to-end logistics services.
Major Vietnam Terminal Project
Maersk is also expanding its terminal presence in Vietnam.
During the quarter, APM Terminals and Hateco Group signed an agreement with Da Nang City to develop and operate the Lien Chieu Container Terminal.
The project represents an investment of more than USD 1.7 billion and is expected to create significant additional container handling capacity.
The investment demonstrates Maersk’s commitment to strengthening its presence in strategically important trade markets in Asia.
Vietnam has become an increasingly important part of global manufacturing and supply chains, particularly as businesses continue to diversify production and sourcing networks across Asia.
By investing in terminal infrastructure, Maersk can strengthen its ability to support customers as trade patterns evolve and cargo volumes increase.
The Lien Chieu project is therefore part of a broader strategy focused on building the infrastructure required to handle future trade growth.
Managing an Increasingly Volatile Global Supply Chain
The second-quarter results underline the increasingly complex operating environment facing the global transportation and logistics industry.
Trade routes are changing, cargo flows are becoming more unbalanced and infrastructure in several regions is under pressure. Geopolitical developments can rapidly alter transportation requirements, forcing logistics providers to reroute cargo and redeploy capacity.
Maersk’s performance demonstrates the value of maintaining a flexible global network.
The company’s ability to redirect Ocean capacity, provide alternative inland transportation solutions and use its terminal network to accommodate changing flows allowed it to maintain strong customer service while capturing new business opportunities.
The company’s integrated operating model also provides opportunities to manage disruptions across multiple stages of the supply chain.
As a result, Maersk is increasingly positioning itself not simply as an ocean carrier but as an integrated logistics partner capable of helping customers manage complex international supply chains.
Full-Year Guidance Raised Significantly
The strength of the second-quarter performance has led Maersk to make a substantial upgrade to its full-year financial outlook.
Underlying EBITDA guidance has increased to USD 10.5 billion to USD 12.5 billion, compared with the previous forecast of USD 8 billion to USD 10 billion.
Underlying EBIT guidance has also increased to USD 4.5 billion to USD 6.5 billion, compared with the previous range of USD 2 billion to USD 4 billion.
The guidance increase reflects stronger earnings momentum, improved Ocean market conditions and growth across Maersk’s business segments.
However, the company continues to operate in an environment characterized by uncertainty and volatility. Future trade flows, freight rates, port congestion, geopolitical developments and transportation capacity will all influence the remainder of the year.
Maersk’s ability to adapt to these factors will therefore remain critical to achieving its revised targets.
Continued Share Buyback Program
Alongside its operational and financial performance, Maersk continued execution of its USD 1.0 billion share buyback program.
The program forms part of the company’s broader approach to capital allocation and shareholder returns while Maersk continues to invest in its long-term growth strategy.
The company is simultaneously allocating capital toward terminal development, logistics infrastructure, transportation capacity and supply chain capabilities.
This balance between investment and shareholder returns reflects Maersk’s focus on strengthening its competitive position while maintaining financial discipline.
Building a More Resilient Logistics Network
Maersk’s second-quarter performance provides further evidence of the company’s transition toward a more integrated transportation and logistics model.
Ocean remains the largest contributor to earnings, but continued improvements in Logistics & Services and strong performance from Terminals are becoming increasingly important to the overall business.
The company’s investments in terminals, warehousing, distribution and inland transportation are designed to create a more connected network that can respond to changing customer requirements.
The projects in Brazil and Vietnam illustrate this strategy in practice. Both investments expand physical infrastructure while supporting Maersk’s broader ambition to provide integrated logistics solutions.
As global trade becomes more volatile, companies are increasingly looking for logistics partners capable of providing alternative transportation routes and maintaining supply chain continuity. Maersk’s combination of ocean transportation, terminals, forwarding, landside logistics and infrastructure gives it a broad platform from which to address these needs.
Maersk enters the second half of 2026 with strong financial momentum and a significantly upgraded outlook.
The company’s second-quarter revenue reached USD 15.8 billion, while EBITDA increased to USD 3.0 billion and EBIT reached USD 1.6 billion. Growth was broad-based, with Ocean delivering a major improvement in earnings, Logistics & Services continuing its margin expansion and Terminals maintaining strong underlying performance.
Higher Ocean volumes and freight rates were particularly important to the results, while strong demand across global trade lanes created additional opportunities.
At the same time, Maersk recognizes that congestion, geopolitical disruptions and infrastructure constraints will remain defining characteristics of the current market.
The company’s response is centered on flexibility, integrated logistics capabilities and continued investment in trade infrastructure.
With full-year underlying EBITDA guidance now set at USD 10.5 billion to USD 12.5 billion and underlying EBIT guidance at USD 4.5 billion to USD 6.5 billion, Maersk is entering the remainder of the year with increased confidence.
The company will continue focusing on helping customers navigate changing trade routes, capacity constraints and supply chain disruptions while investing in the infrastructure needed to support future growth.
The second quarter ultimately demonstrated that volatility can create both challenges and opportunities. Through its global network, diversified business model and continued investment in critical infrastructure, Maersk is positioning itself to capture those opportunities while helping customers maintain more resilient and flexible supply chains.
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