Maersk delivers strong Q2 as revenue jumps 20% and full-year outlook rises

Maersk delivered a strong financial performance in the second quarter of 2026, supported by higher container volumes, rising Ocean spot rates and growth across all three of its main businesses.

The Danish shipping and logistics group reported revenue of US$15.8 billion in Q2, up 20% from US$13.1 billion in the same period last year.

EBITDA increased to US$3.0 billion from US$2.3 billion, while EBIT climbed to US$1.6 billion from US$845 million. The Group’s EBIT margin reached 10%.

Following the stronger performance, Maersk raised its full-year earnings guidance for 2026.

Ocean earnings rebound

Maersk’s Ocean business recorded a 23% year-on-year increase in revenue during the second quarter.

Loaded volumes grew by 4.1%, mainly supported by exports from Asia. Meanwhile, the average loaded freight rate increased by 22%.

Vessel utilisation remained high at 96%.

The segment generated EBIT of US$935 million, compared with US$229 million in Q2 2025. The result also marked a significant turnaround from the US$192 million EBIT loss recorded in the first quarter of 2026.

Maersk said strong demand, tighter capacity and increasingly unbalanced trade flows pushed spot rates higher during the quarter.

Port congestion in Europe, the Middle East, the East Coast of South America and West Africa also contributed to tighter market conditions.

Middle East disruption reshapes cargo flows

Disruption to traffic through the Strait of Hormuz affected shipping patterns during the quarter.

According to Maersk, inbound Gulf cargo was redirected through alternative ports and inland transportation routes. At the same time, Ocean capacity affected by the disruption was moved to other growing trade lanes.

Demand was particularly strong for imports into Africa, North America and Latin America. Exports from the Far East, especially China, also remained strong.

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

“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 added.

Logistics & Services improves profitability

Maersk’s Logistics & Services business continued to improve during Q2.

Revenue increased by 15% year on year and by 11% compared with the first quarter. The segment’s EBIT margin reached 5.1%, improving by 0.5 percentage points sequentially.

EBIT rose to US$217 million from US$175 million in Q2 2025. It was also higher than the US$173 million recorded in Q1 2026.

Landside operations led the growth. In particular, Maersk highlighted landbridge solutions connecting ports across the Gulf region.

Forwarding also benefited from higher volumes in Air and Project Logistics, while the Solutions business recorded a positive contribution from new and existing contracts.

Terminals volumes increase

Maersk’s Terminals business increased volumes by 2.2% during the quarter.

Revenue grew by 11%, supported by higher volumes and a 7.1% increase in revenue per move. Higher rates and additional storage revenue contributed to the improvement.

Terminals recorded EBIT of US$458 million. This compared with US$461 million in Q2 2025 and US$436 million in the previous quarter.

The company said the underlying performance of the terminals business was strong enough to offset the impact of the Middle East conflict.

Maersk continues investment in port infrastructure

Maersk also continued to expand its global infrastructure portfolio during the quarter.

In Brazil, APM Terminals inaugurated its new terminal at Suape. The US$350 million facility is described as the first fully electrified container terminal in South America.

Maersk’s Logistics & Services division also added a distribution and warehousing facility at Suape.

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

Maersk raises 2026 guidance

Following its Q2 performance and improved visibility for the remainder of the year, Maersk raised its full-year financial guidance.

The company now expects underlying EBITDA of US$10.5 billion to US$12.5 billion. Its previous guidance was US$8 billion to US$10 billion.

Underlying EBIT is now expected to reach US$4.5 billion to US$6.5 billion, compared with the previous range of US$2 billion to US$4 billion.

Maersk also expects free cash flow above zero, improving from its previous guidance of at least negative US$1.5 billion.

The outlook assumes global container market volume growth of around 4% for the full year.

Maersk noted that its 2026 performance remains sensitive to freight rates, container volumes, bunker prices and foreign exchange movements.

The company is also continuing its US$1 billion share buyback programme.

“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,” said Clerc.

Key Q2 2026 figures

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