Maersk raises 2026 guidance after strong second quarter

Maersk has raised its full-year 2026 financial guidance after reporting strong second-quarter results, driven by higher demand, increased ocean spot rates and growth across all three business segments.

The Danish shipping and logistics company now expects underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of US$10.5 billion to US$12.5 billion, up from its previous forecast of US$8 billion to US$10 billion. It also raised its underlying earnings before interest and taxes (EBIT) forecast to US$4.5 billion to US$6.5 billion, from US$2 billion to US$4 billion, and now expects free cash flow to be above zero.

Maersk reported second-quarter revenue of US$15.8 billion, up 20 per cent year over year from US$13.1 billion. EBITDA increased to US$3 billion from US$2.3 billion, while EBIT rose to US$1.6 billion from US$845 million.

Ocean was the primary contributor to the improvement, with revenue increasing 23 per cent and loaded volumes rising 4.1 per cent, driven by Asian exports. The average loaded freight rate increased 22 per cent, while EBIT reached US$935 million, compared with US$229 million in the same quarter last year and a loss of US$192 million in the first quarter of 2026.

Logistics and services revenue increased 15 per cent year over year, while EBIT rose to US$217 million from US$175 million. Its EBIT margin improved to 5.1 per cent.

Terminals revenue increased 11 per cent, supported by higher rates, storage revenue and a 2.2 per cent increase in volumes. EBIT was US$458 million, compared with US$461 million a year earlier.

Maersk CEO Vincent Clerc said the results reflect an increasingly volatile global trade environment, with strong demand from the Far East contributing to unbalanced trade flows and congestion across ports and inland transportation networks.

“The second quarter was yet another proof point of the new era of heightened volatility we have entered. Strong, broad-based demand from the Far East since 2024 has resulted in significantly more unbalanced trade flows, with volume levels that are challenging landside infrastructure capacity,” he said. “From ports to inland transportation, we are seeing increased congestion and disruption across multiple geographies. Our global team’s ability to capture opportunities in these difficult markets has enabled us to deliver significant volume and earnings growth across our businesses, leading to the substantial upgrade to our full-year guidance. As markets evolve, we remain focused on helping customers respond quickly to change and maintain the integrity of their supply chains. With bottlenecks remaining deeply entrenched, we must continue to invest in critical trade infrastructure and scale, to keep delivering the best possible value to our customers.”

Maersk said it also continued to invest in trade infrastructure and supply chain capabilities during the quarter, including the opening of a US$350-million fully electrified container terminal in Suape, Brazil.

In Vietnam, APM Terminals and Hateco Group signed an agreement with Da Nang City to develop and operate the Lien Chieu Container Terminal, representing an investment of more than US$1.7 billion.