A.P. Moller–Maersk has upgraded its full-year 2026 earnings guidance following a strong third-quarter performance, supported by higher ocean freight rates, capacity constraints and ongoing global supply chain disruptions.
The Danish shipping group reported third-quarter revenue of US$18.1 billion, up 27% year on year, while EBITDA surged 74% to US$4.7 billion. EBIT increased to US$3.3 billion from US$1.3 billion, and net profit rose to approximately US$3 billion, compared with US$1.1 billion in Q3 2025.
Maersk has raised its full-year underlying EBITDA forecast to US$14–14.5 billion, from US$10.5–12.5 billion, and underlying EBIT guidance to US$8–8.5 billion, against the earlier US$4.5–6.5 billion range. Free cash flow is now expected to exceed US$3 billion. The company projects global container market growth of approximately 4% in 2026.
Ocean Division Leads Earnings Growth
The Ocean division was the primary contributor, with revenue rising 37% to US$12.6 billion and EBIT reaching US$2.6 billion. Average loaded freight rates climbed 46% year on year to US$3,287 per FEU, despite container volumes declining marginally by 0.8% to 3.37 million FEU. Vessel utilisation remained high at 96%.
Higher freight rates were supported by severe typhoon-related port congestion in East Asia and disruptions to cargo flows following the continued closure of the Strait of Hormuz. Average global port waiting times peaked at 16.6 hours in August, while the Shanghai Containerised Freight Index rose 46% quarter on quarter.
Logistics and Terminals Deliver Mixed Results
Logistics & Services revenue increased 13% to US$4.5 billion, with EBIT improving to US$259 million. The Terminals division achieved record quarterly revenue of US$1.52 billion, with volumes growing 2.6%. However, EBIT declined to US$493 million, partly due to a favourable impairment reversal recorded in the previous year.
Fleet Renewal and Infrastructure Expansion
Maersk continued its investment programme, ordering 26 dual-fuel containerships of 18,600 TEU capacity, scheduled for delivery in 2029 and 2030. APM Terminals also advanced its global expansion, with construction commencing at the 900,000-TEU Laldia terminal in Bangladesh and commercial operations beginning at its Suape terminal in Brazil, which will initially handle up to 400,000 TEU annually.
For the first nine months of 2026, Maersk recorded revenue of US$46.8 billion, compared with US$40.7 billion in the corresponding period last year. The company expects resilient container demand to support its improved outlook, while geopolitical developments, freight rates and fuel costs remain key uncertainties.