Maersk Reports 154% Profit Surge in First Three Quarters, Raises Earnings Guidance

On 5 November, Maersk released its third-quarter financial results. For the first nine months of the year, the company recorded revenue of $18.1 billion, representing a 27% year-on-year increase, with all three major business segments delivering growth. EBITDA expanded from $2.7 billion to $4.7 billion, while EBIT rose from $1.3 billion to $3.3 billion, yielding an EBIT margin of 18.1% and a year-on-year profit increase of 154%. On the strength of these results, Maersk has revised its full-year earnings guidance upward.

The global economy maintained resilience and broad-based growth through the third quarter, with global container demand expanding 2% to 4% year-on-year. Weather-related disruptions moderated Asian export growth in July and August, while on the import side, softening European demand and a contraction in Middle Eastern imports were partially offset by sustained growth in Africa, Latin America, and North America. A severe typhoon season across Asia triggered widespread port congestion during the quarter, absorbing significant vessel capacity. At its peak, the average global port waiting time reached 16.6 hours - the highest level recorded since January 2023. The Shanghai Containerized Freight Index reported that average spot freight rates in the third quarter rose 46% compared with the preceding quarter.

Supported by favorable market conditions, the ocean segment delivered EBIT of $2.6 billion, compared with $567 million in the same period a year earlier. Despite adverse weather across Asia constraining capacity and disrupting loading operations, cargo volumes remained elevated and vessel utilization held at 96%. The continued closure of the Strait of Hormuz, combined with pervasive port congestion, elevated fuel, network, and container handling costs while weighing on schedule reliability. For freight forwarders, full vessel operations and demand exceeding available space on select trade lanes reinforced the need to secure peak-season bookings in advance and to build buffer time for schedule variability into planning.

The logistics segment recorded revenue growth of 13%, driven by strong volume increases across the majority of product lines, improved rates, and solid performance from Middle East landbridge solutions. Gulf landbridge operations were a standout contributor, establishing land-side transport and services as the single largest source of segment growth. Freight forwarding performed well, with airfreight and project logistics volumes recording steady gains. Within solutions, contract logistics revenue continued its upward trajectory. The logistics EBIT margin expanded from 5.5% to 5.8%, reflecting improved cost management and stronger operational execution.

The terminals segment sustained its strong trajectory, with revenue reaching an all-time high. Throughput grew 2.6%, with Africa and Europe advancing 14% and 6.7% respectively, while utilization stood at 85%, against 90% in the prior-year period. Excluding the effect of an impairment reversal related to concession renewals recognized in 2025, the EBIT margin improved from 32.0% to 32.5%.

In late August, Maersk's terminals business held a groundbreaking ceremony at the new Laldia Terminal in Chittagong, Bangladesh - a project that will deliver annual port handling capacity of 900,000 TEUs. In September, APM Terminals Suape in Pernambuco, Brazil, commenced operations following the arrival of its first commercial vessel; the new facility will increase the Suape port complex's throughput capacity by 55%, adding up to 400,000 TEUs of annual handling capacity in its initial phase. In parallel, as part of its fleet renewal program, Maersk has placed orders for 26 dual-fuel container vessels of 18,600 TEUs each, scheduled for delivery in 2029 and 2030.

Maersk Chief Executive Officer Vincent Clerc stated that all business segments delivered strong results during the quarter. Despite persistent geopolitical uncertainty and ongoing supply chain disruptions, global trade demonstrated exceptional resilience. Market demand was driven not only by consumer spending but increasingly by large-scale investment in electrification, energy infrastructure, and artificial intelligence - investment flows that are generating substantial movement of industrial goods across global trade lanes. Leveraging its established strengths, Maersk capitalized fully on prevailing market conditions, with its fleet operating at full capacity and demand exceeding available space on a number of trade lanes. These results reflect the underlying soundness of global trade fundamentals, as well as the sustained commitment of the company's people to serving its customers at the highest level.