A.P. Moller-Maersk raised its full-year earnings outlook after second-quarter revenue climbed 20% year over year and EBITDA reached $3.0 billion, as robust Far East export demand, higher spot rates and congestion across key trade lanes lifted results.
Revenue rose to $15.8 billion in the second quarter from $13.1 billion a year earlier. EBIT increased to $1.6 billion from $845 million, producing a 10% EBIT margin. Ocean was the principal earnings driver, adding $2 billion in revenue during the quarter.
The Copenhagen-based company (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.
Maersk redeployed affected vessel capacity to other expanding trades. 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.
Spot freight rates rose substantially, according to Maersk, 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. The company said these supply-chain bottlenecks are straining landside infrastructure from ports to inland transportation networks.
Ocean Leads Improvement
Maersk’s ocean segment increased revenue by 23% year over year. Loaded volumes rose 4.1%, led by Asian exports, while average loaded freight rates increased 22%. 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. Unit cost at fixed energy declined 0.8%, as greater volumes offset higher operating expenses.
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:
| 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.
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. Maersk said the Vietnam project represents investment of more than $1.7 billion.
Read more articles by Stuart Chirls here.
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