Company Reports

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build its logistics and solutions segment, aiming to match the core maritime shipping business in revenue in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to expand much going forward. While volume contributes to EBITDA, freight prices have the largest impact, something Maersk has little control over, making earnings volatile.

Rerouting, Asian port congestion, and the Panama Canal drought have further reduced supply, driving freight rates even higher in 2026. The conflict with Iran may also stretch into 2027, as a ceasefire has yet to be reached.

Strong demand and higher freight prices drove strong results for Maersk in the second quarter, with group EBITDA and EBIT of $3.0 billion and $1.6 billion, respectively.

Freight rates have remained elevated above 2025 levels in 2026, driven not only by the conflict in the Middle East but also by port congestion and trade activity that occurred before Trump's new global tariffs took effect, benefiting Maersk.

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build the logistics and solutions segment, aiming to achieve equal revenue with the core maritime shipping business in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to expand much going forward. While volume contributes to EBITDA, freight prices have the largest impact, something Maersk has little control over, making earnings volatile.

The two firms announced the Gemini network would begin making a gradual return to the Red Sea, deeming the region safe enough for passage, although no timeline was given for its full return. Shares for Maersk and Hapag-Lloyd were down 5.5% and 2.5% on July 6, 2026, respectively.

The negative impact of vessel deliveries on freight prices and margins has muted the increase from the rerouting of ships around the Cape of Good Hope and tempered performance so far in 2026 for Maersk.

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build the logistics and solutions segment, aiming to achieve equal revenue with the core maritime shipping business in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to expand much going forward. While volume contributes to EBITDA, freight prices have the largest impact, something Maersk has little control over, making earnings volatile.

Maersk reported EBITDA and EBIT of $1.8 billion and $340 million in the first quarter. Maersk maintained its outlook, still expecting container volume growth of 2%-4% and underlying EBIT of minus $1.5 billion to $1.0 billion, as they don't expect the Middle East war to have a material impact yet.

The war in the Middle East and risk of attacks in the Red Sea have led global shippers Maersk and Hapag-Lloyd to reroute around the Cape of Good Hope. We look at multiple scenarios regarding the conflict's duration and current valuations.

We have made changes to our base case, raising our freight prices and margins for 2026, which forecast containers shippers will reroute around the Cape of Good Hope in 2026.

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build the logistics and solutions segment, aiming to achieve equal revenue with the core maritime shipping business in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to expand much going forward. While volume contributes to EBITDA, freight prices have the largest impact, something Maersk has little control over, making earnings volatile.

After a short-lived return to the Red Sea and Suez Canal in mid-January, global shippers Maersk and Hapag-Lloyd are once again diverting ships around the Cape of Good Hope until further notice following the outbreak of war in the Middle East.

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build the logistics and solutions segment, aiming to achieve equal revenue with the core maritime shipping business in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to expand much going forward. While volumes contribute to EBITDA, freight prices have the largest impact, something Maersk has little control over, making earnings volatile.

Strong full-year EBITDA and EBIT of $9.5 billion and $3.5 billion, respectively, on the upper-end of guidance, were offset by decelerating fourth-quarter results and weaker 2026 guidance. Shares fell 7% in early trading Feb. 5.

Maersk announced on Jan. 15 that it will begin using the Red Sea and Suez Canal this month. Global shippers have avoided the Red Sea since late 2023 due to Houthi attacks, which have artificially raised freight prices.

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build the logistics and solutions segment, aiming to achieve equal revenue with the core maritime shipping business in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to expand much going forward. While volumes contribute to EBITDA, freight prices have the largest impact, something Maersk has little control over, making earnings volatile.

Maersk raised the lower end of its guidance following strong operational and volume performance in the third quarter. However, negative trends in freight rates weighed on performance and its 2026 outlook, sending shares lower.

Maersk delivered second-quarter 2025 results, with EBIT falling 9% year over year to $845 million from $963 million, roughly in line with the reduction in freight rates. Management raised guidance on volume, EBIT, and EBITDA, citing greater resiliency in market demand.

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build the logistics and solutions segment, hoping to see equal revenue as the core maritime shipping business in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to grow further. As a result, we expect its EBITDA contribution to fall to 50% by 2029.