Maersk raises 2026 guidance after strong second-quarter results

A.P. Moller – Maersk reported strong second-quarter results, supported by resilient demand, higher spot rates in ocean shipping and growth across all business segments.

The company raised its 2026 financial guidance, now projecting underlying EBITDA of $10.5 billion to $12.5 billion, up from a previous range of $8 billion to $10 billion. Underlying EBIT is now expected at $4.5 billion to $6.5 billion, compared with the previous forecast of $2 billion to $4 billion.

Group EBITDA reached $3 billion in the second quarter, while EBIT totaled $1.6 billion, with both indicators growing from a year earlier and from the first quarter.

Ocean volumes increased 4.1% and delivered significantly better results. Logistics and Services revenue rose 15%, with its EBIT margin reaching 5.1%. Terminals increased volumes by 2.2% and maintained solid results.

Maersk also continued executing its $1 billion share buyback program.

“The second quarter was further evidence of the new era of increased volatility we have entered,” said Maersk CEO Vincent Clerc.

“Strong and broad-based demand from the Far East since 2024 has resulted in significantly more imbalanced trade flows, with volume levels challenging the capacity of inland infrastructure. From ports to inland transport, we are seeing increased congestion and disruptions across several geographies,” he said.

Clerc said Maersk’s global team was able to capture opportunities in challenging markets, delivering significant volume and earnings growth across all businesses and leading to a substantial upgrade to the company’s 2026 financial outlook.

“As markets evolve, we remain focused on helping our customers respond quickly to change and maintain the integrity of their supply chains. With bottlenecks still deeply embedded, we must continue investing in critical trade infrastructure and operational scale to keep delivering the best possible value to our customers,” he added.

Key financial highlights

Global demand for transport and logistics remained resilient during the quarter.

As traffic flows were disrupted in the Strait of Hormuz, import cargo bound for the Gulf was redirected to alternative ports and inland transport routes, while affected ocean capacity was quickly reallocated to other growing trade lanes.

Growth was particularly strong in imports to Africa, North America and Latin America, supported by continued momentum in exports from the Far East, especially China.

Ocean spot rates rose significantly during the quarter, driven by demand, growing trade-flow imbalances, capacity constraints and increased port congestion in Europe, the Middle East, the east coast of South America and West Africa.

Maersk responded to these market conditions by increasing volumes across all segments. Revenue rose 20% year on year to $15.8 billion, from $13.1 billion.

Ocean was the main driver, contributing $2.0 billion in additional revenue. EBITDA increased to $3.0 billion from $2.3 billion, while EBIT rose to $1.6 billion from $845 million. The EBIT margin reached 10.0%.

Segment performance

Ocean

Maersk’s Ocean business delivered solid operational and commercial performance, with revenue growing 23% and earnings improving significantly.

Volumes carried rose 4.1%, driven by exports from Asia, while the average freight rate per container increased 22%.

Vessel utilization remained high at 96%. Unit costs in constant currency fell 0.8%, as higher volumes offset increased operating costs.

Ocean EBIT totaled $935 million, compared with $229 million in the same quarter last year. In the first quarter of 2026, Ocean had reported an EBIT loss of $192 million.

Logistics and Services

Logistics and Services posted another quarter of steady improvement, with its EBIT margin reaching 5.1%, up 0.5 percentage point from the previous quarter.

Revenue grew 15% year on year and 11% from the first quarter.

Growth was led by Inland Transportation, supported by multimodal solutions connecting ports in the Gulf region. Forwarding benefited from strong volume growth in air freight and project logistics. Solutions also contributed positively, supported by a favorable mix of new and existing contracts.

Logistics and Services EBIT totaled $217 million, compared with $175 million in the same quarter last year and $173 million in the first quarter of 2026.

Terminals

Maersk’s Terminals business advanced several strategic initiatives, reflecting its continued focus on growth and capacity expansion.

Solid operational performance largely offset the effects of the conflict in the Middle East.

Revenue grew 11%, supported by a 7.1% increase in revenue per move, driven by higher tariffs and stronger storage income, as well as 2.2% volume growth.

Terminals EBIT totaled $458 million, compared with $461 million in the same quarter last year and $436 million in the first quarter of 2026.

Investments

Across its portfolio, Maersk continued investing in critical trade infrastructure and supply-chain capabilities.

A key milestone came in Brazil, where APM Terminals inaugurated its Suape terminal, a $350 million investment in the continent’s first fully electrified container terminal.

With a new distribution and warehousing facility, the Logistics and Services segment also helped strengthen integrated logistics capabilities in Suape and Brazil’s Northeast region.

In Vietnam, APM Terminals and Hateco Group signed an agreement with the city of Da Nang to build and operate the Lien Chieu Container Terminal. The project represents an investment of more than $1.7 billion.

Financial guidance

Maersk updated its 2026 financial guidance after its second-quarter results and improved visibility for the rest of the year.

The updated outlook is based on an expectation that global container market volumes will grow by about 4% in 2026.

Maersk now expects underlying EBITDA of $10.5 billion to $12.5 billion, up from $8 billion to $10 billion previously.

Underlying EBIT is now projected at $4.5 billion to $6.5 billion, compared with the previous range of $2 billion to $4 billion.

Free cash flow is expected to be above zero, compared with a previous forecast of at least negative $1.5 billion.

Sensitivity guidance

Maersk said its 2026 financial performance depends on several factors and remains subject to uncertainties related to macroeconomic conditions, bunker fuel prices and ocean freight rates.

All else being equal, the company’s 2026 sensitivities for four key assumptions are presented in its second-quarter report.

Source: Maersk

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