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Posted by Dale Crisp
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13 Aug, 2026
AP MOLLER-Maersk has updated its full-year 2026 financial guidance on the back of second-quarter performance and what it says is improved visibility for the remainder of the year.
Based on global container market volume growth for the full year 2026 of around 4%, Maersk now expects an underlying EBITDA of USD 10.5-12.5 billion (previously USD 8-10bn), an underlying EBIT of USD 4.5-6.5bn (previously USD 2-4bn), and a free cash flow greater than USD 0 (previously at least USD -1.5bn).
For the group, EBITDA was USD 3.0bn and EBIT was USD 1.6bn in the second quarter up on both the prior year and first quarter. Ocean grew volumes by 4.1% and generated significantly better earnings; Logistics & Services grew revenue by 15% and improved EBIT margin to 5.1%; and Terminals increased volumes by 2.2% and maintained strong earnings.
Chief executive Vincent Clerc commented that Maersk’s 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. From ports to inland transportation, we are seeing increased congestion and disruption across multiple geographies," Mr Clerc said.
“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,” he said.
“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.”
Ocean
Ocean performance was strong operationally and commercially, with the segment delivering a 23% revenue increase and significantly improved earnings. Loaded volumes grew by 4.1% driven by Asian exports, while the average loaded freight rate increased by 22%. Vessel utilisation remained high at 96% and unit cost at fixed energy decreased by 0.8%, as higher volumes counter-balanced the increase in operating costs.
EBIT: USD 935m, up from USD 229m in the same quarter last year. EBIT was USD -192m in Q1 2026.
Logistics & Services
Logistics & services delivered another quarter of continued improvement resulting in an EBIT margin of 5.1%, up 0.5 percentage points sequentially. Revenue increased by 15% year-on-year and 11% sequentially. Landside led the growth, supported by landbridge solutions connecting ports across the Gulf region, while Forwarding benefited from strong volume growth in air and project logistics. Solutions also contributed positively, driven by a favourable mix of new and existing contracts.
EBIT: USD 217m, up from USD 175m in the same quarter last year. EBIT was USD 173m in Q1 2026.
Terminals
Terminals made further progress on several key initiatives, reflecting its ongoing commitment to strategic growth and capacity expansion. The strong underlying performance more than offset the impact of the Middle East conflict. Revenue increased by 11%, supported by a 7.1% increase in revenue per move driven by higher rates and increased storage revenue, and volume growth of 2.2%.
EBIT: USD 458m, against USD 461m in the same quarter last year. EBIT was USD 436m in Q1 2026.
