Maersk raises 2026 guidance as Ocean rates lift Q2 earnings

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A.P. Moller Maersk has raised its full year 2026 financial guidance after higher Ocean freight rates, resilient cargo demand and volume growth across all three business segments lifted second quarter earnings.

The Copenhagen based logistics group reported revenue of USD 15.8 billion for the quarter, an increase of 20% from USD 13.1 billion a year earlier. EBITDA rose to USD 3.0 billion from USD 2.3 billion, while EBIT nearly doubled to USD 1.6 billion from USD 845 million.

The group’s EBIT margin reached 10.0%.

Maersk now expects underlying EBITDA of between USD 10.5 billion and USD 12.5 billion for 2026, compared with its previous forecast of USD 8 billion to USD 10 billion. Expected underlying EBIT was raised to between USD 4.5 billion and USD 6.5 billion from an earlier range of USD 2 billion to USD 4 billion.

Free cash flow is now expected to remain above zero. The previous guidance indicated free cash flow of at least negative USD 1.5 billion.

Ocean provided the largest contribution to the improved result. Revenue from the segment increased by 23%, supported by a 4.1% rise in loaded volumes and a 22% increase in the average loaded freight rate.

Growth was driven mainly by exports from Asia, particularly China, and stronger import demand in Africa, North America and Latin America. Vessel utilisation remained at 96%.

Ocean reported EBIT of USD 935 million, compared with USD 229 million during the same quarter last year. The result also marked a sharp recovery from the USD 192 million loss recorded in the first quarter of 2026.

Unit costs at fixed fuel prices decreased by 0.8%, as higher cargo volumes helped counter rising operating expenses.

Ocean spot rates increased during the quarter as demand, trade imbalances, tight capacity and port congestion placed pressure on available shipping space. Congestion was particularly evident in Europe, the Middle East, the East Coast of South America and West Africa.

Disruption to traffic through the Strait of Hormuz also changed regional cargo flows. Gulf bound cargo was redirected through alternative ports and inland transport routes, while Maersk moved affected vessel capacity to other growing trades.

Chief Executive Officer Vincent Clerc said strong demand from the Far East had created increasingly unbalanced trade flows, placing pressure on ports and inland transport networks.

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

He added that congestion and disruption were affecting several regions as cargo volumes tested landside infrastructure capacity. The conditions allowed Maersk to capture additional volume and earnings, but also underlined the need for continued investment in trade infrastructure.

The imbalance resembles a network carrying more cargo in one direction than it can efficiently absorb at the other end. When terminals, warehouses and inland connections approach capacity, delays can spread across the wider supply chain.

Logistics and Services revenue increased by 15% from the previous year and by 11% from the first quarter. EBIT reached USD 217 million, up from USD 175 million a year earlier and USD 173 million in the preceding quarter.

The segment’s EBIT margin improved to 5.1%, an increase of 0.5 percentage points from the first quarter.

Landside operations led the growth, supported by landbridge services connecting ports across the Gulf region. Forwarding benefited from higher Air Freight and Project Logistics volumes, while contract logistics solutions recorded a positive contribution from new and existing business.

Terminals revenue increased by 11%. Volumes rose by 2.2%, while revenue per container move increased by 7.1% because of higher tariffs and additional storage income.

Terminal EBIT was USD 458 million, compared with USD 461 million a year earlier and USD 436 million in the first quarter.

Maersk continued its USD 1 billion share buyback programme while investing in terminal, warehousing and distribution capacity.

APM Terminals inaugurated a USD 350 million terminal at Suape in Brazil. The facility is described as the first fully electrified container terminal in South America. A new distribution and warehousing facility was also added to strengthen integrated logistics capacity in Suape and northeastern Brazil.

In Vietnam, 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.

The updated guidance assumes global container market volume growth of about 4% for the full year.