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Maersk’s third-quarter earnings before interest and tax rose to $3.3 billion from $1.3 billion a year earlier, on revenue up 27% to $18.1 billion
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It raised its 2026 guidance to underlying EBITDA of $14.0 billion to $14.5 billion and EBIT of $8.0 billion to $8.5 billion
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Ocean EBIT reached $2.6 billion on higher freight rates, with vessel utilization at 96%
Danish shipping and logistics group A.P. Moller-Maersk reported a sharp rise in third-quarter earnings and raised its full-year guidance, citing higher freight rates and steady volumes. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $4.7 billion, up from $2.7 billion a year earlier. EBIT gave an 18.1% margin.
Chief executive Vincent Clerc said Maersk delivered a strong quarter across its businesses, and that global trade has stayed resilient despite geopolitical disruption. He said the fleet has been operating at full capacity, with demand exceeding available space on some routes.
Ocean leads the gains
Ocean EBIT jumped to $2.6 billion from $567 million a year earlier. Weather in Asia limited capacity and loadings. Maersk said global container demand grew roughly 2% to 4% year on year, supported by electrification, energy and AI infrastructure investment.
Spot rates, measured by the Shanghai Containerized Freight Index, rose 46% from the previous quarter. A severe typhoon season in Asia caused heavy port congestion, with global average port waiting times peaking at 16.6 hours, the highest since January 2023.
Logistics & Services revenue grew 13%, led by landside growth from Gulf landbridge solutions, with solid air and project logistics volumes. Its EBIT margin rose to 5.8% from 5.5%. Terminals revenue hit a record, with volumes up 2.6%. Africa grew 14% and Europe 6.7%, while utilization fell to 85% from 90%.
Guidance raised
Maersk now expects 2026 underlying EBITDA of $14.0 billion to $14.5 billion, up from $10.5 billion to $12.5 billion. It expects underlying EBIT of $8.0 billion to $8.5 billion, up from $4.5 billion to $6.5 billion. The outlook assumes global container volume growth of about 4% this year. Maersk said capital spending is unchanged at $10.0 billion to $11.0 billion for each of two periods, 2025–2026 and 2026–2027.
READ: Maersk posts $340M Q1 operating income as ocean volumes climb
Maersk flagged continued geopolitical uncertainty and disruption as risks. It cited the ongoing closure of the Strait of Hormuz, which raised bunker, network and container handling costs and hurt schedule reliability. It also named network congestion, weather and swings in fuel prices and freight rates. Each $100 per forty-foot-equivalent unit (FFE) change in freight rates would move 2026 EBIT by about $0.3 billion, it said.
Maersk also reported:
- APM Terminals broke ground on the Laldia terminal in Chattogram, Bangladesh, which will add 900,000 TEU of annual capacity.
- APM Terminals Suape in Brazil began operations, initially adding up to 400,000 TEU.
- It ordered 26 dual-fuel container vessels of 18,600 TEU each, for delivery in 2029 and 2030.
- Its $1.0 billion share buyback continues.
PortCalls reported in July that Maersk raised its 2026 earnings guidance on strong container demand, especially in the Far East, and a recent rise in spot rates. Maersk has since lifted it again. In September, Maersk confirmed an order for 26 LNG dual-fuel vessels for delivery in 2029 and 2030, with a combined capacity of 483,600 TEU.
