Container carriers are set for a stronger 2026 after A.P. Moller-Maersk raised its full-year earnings outlook again, following a second quarter in which revenue climbed 20% year over year to $15.8 billion, EBITDA reached $3.0 billion, and EBIT increased to $1.6 billion from $845 million, producing a 10% EBIT margin, according to FreightWaves.
Maersk attributed the surge to robust Far East export demand, substantially higher spot rates, and congestion across key trade lanes, FreightWaves reported. The Copenhagen-based carrier (OTC: AMKBY) said disruption to traffic through the Strait of Hormuz prompted cargo destined for the Gulf region to move through alternative ports and inland routes, forcing Maersk to redeploy affected vessel capacity to other expanding trades.
Ocean leads earnings surge
Ocean was the principal earnings driver, adding $2 billion in revenue during the quarter. Ocean segment revenue increased 23% year over year, with loaded volumes up 4.1% led by Asian exports, while average loaded freight rates increased 22%, according to the report. Vessel utilization remained high at 96%. Ocean EBIT reached $935 million, compared with $229 million in the prior-year quarter and a $192 million loss in the first quarter of 2026.
Import demand was particularly strong in Africa, North America and Latin America, while exports from the Far East — especially China — remained a principal source of volume growth, FreightWaves noted.
Spot rates and congestion tighten the market
Maersk said spot freight rates rose substantially, reflecting demand, increasingly unbalanced trade flows, tight capacity, and port congestion in Europe, the Middle East, the east coast of South America and West Africa. These supply-chain bottlenecks are straining landside infrastructure from ports to inland transportation networks, the company said. Unit cost at fixed energy declined 0.8%, as greater volumes offset higher operating expenses.
Logistics and terminals follow
Logistics & Services revenue grew 15% year over year and 11% sequentially, with an EBIT margin of 5.1%, up 0.5 percentage points from the first quarter. The segment generated EBIT of $217 million, compared with $175 million a year earlier. Maersk cited Gulf-region landbridge services, strong air and project logistics forwarding volumes, and favorable contract mix in its Solutions segment.
Terminals revenue increased 11%, supported by a 7.1% improvement in revenue per move and 2.2% volume growth. Terminal EBIT was $458 million, essentially unchanged from $461 million in the second quarter of 2025.
Guidance raised again
Maersk now expects full-year global container-market volume growth of about 4% and raised its 2026 financial guidance to the following levels, according to FreightWaves:
| Measure | New guidance | Previous guidance |
|---|---|---|
| Underlying EBITDA | $10.5–12.5B | $8–10B |
| Underlying EBIT | $4.5–6.5B | $2–4B |
| Free cash flow | Greater than $0 | At least negative $1.5B |
The company attributed the revision to its second-quarter performance and improved visibility for the rest of the year.
Infrastructure investment continues
Maersk also highlighted continued infrastructure investment, including the opening of APM Terminals’ $350 million fully electrified container terminal at Suape, Brazil, and an agreement with Hateco Group and Da Nang City to develop and operate Vietnam’s Lien Chieu Container Terminal. The Vietnam project represents investment of more than $1.7 billion, Maersk said.
Shipper and forwarder implications
For freight forwarders and shippers, the earnings surge and raised guidance signal that ocean capacity remains tight and spot rates elevated across Far East export lanes, Europe, the Middle East, the east coast of South America and West Africa, according to the FreightWaves report. With vessel utilization at 96% and congestion straining landside infrastructure, forwarders should expect continued delays and higher costs when routing cargo through these regions. Maersk’s redeployment of vessels from the Gulf region to other trades may ease capacity in some lanes while tightening others.
Carriers are also adding infrastructure: the electrified terminal at Suape and the Lien Chieu terminal in Vietnam will expand port capacity in Brazil and Vietnam, respectively, but they are long-term projects rather than immediate relief for current congestion, according to the report.
Watch list
- Strait of Hormuz disruption: continued rerouting of Gulf-bound cargo could keep capacity tight on alternative lanes, according to FreightWaves.
- Port congestion: Europe, the Middle East, the east coast of South America and West Africa remain pressure points for landside infrastructure, the report noted.
- Far East export demand: China-led volume growth remains a principal driver of spot rates, Maersk said.
- Terminal openings: APM Terminals’ Suape terminal and the Lien Chieu project will alter port capacity in Brazil and Vietnam when they come online, according to the report.
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