Top container carriers are shifting focus from fleet size to strategic port control, redefining competition in global shipping.
The world's largest container carriers have spent decades competing on fleet size. That contest is now shifting ashore. Maersk, MSC, Hapag-Lloyd, CMA CGM, and COSCO - five operators that together move most global containerized trade - are each advancing a distinct strategy to control the ports, terminals, and inland infrastructure their networks depend on.
The approaches differ in structure and capital, yet they converge on a single conclusion: terminal control is becoming the decisive competitive frontier. For shippers, freight forwarders, and importers, understanding these five models offers a clear view of where reliability and capacity will be secured in the years ahead.
Maersk: terminals inside an integrated logistics network
Maersk anchors its port strategy in an integrated logistics model, with APM Terminals supporting the group's ocean network while linking shipping services to warehousing, rail, road transport, and wider supply-chain products.
The Gemini Cooperation illustrates the design. Maersk and Hapag-Lloyd rebuilt their east-west network around a smaller number of highly productive hubs supported by dedicated shuttle services, with the original structure comprising 58 services and more than 6,000 port-to-port combinations. The mainline network was deliberately centered on hubs owned, controlled, or closely associated with the two partners. APM Terminals owns eight of the selected hubs, including Rotterdam Maasvlakte II, Bremerhaven, Algeciras, Tangier, Port Said, Salalah, and Tanjung Pelepas.
To support Gemini, APM Terminals is increasing capacity at the relevant hubs by 30%, a program expected to deliver around 19 kilometers of quay and more than 200 ship-to-shore cranes once complete. Investments in equipment, processes, and technology have already reduced average vessel stay times across the portfolio by 15% to 20%. The group is also expanding in emerging markets, advancing the Lien Chieu container terminal in Da Nang, Vietnam, alongside Hateco Group - a project exceeding $1.7 billion in planned investment with annual capacity projected above 5.7 million TEU after full development.
The financial contribution is substantial. In the second quarter of 2026, Maersk reported 55 terminals within its financial reporting perimeter, including 29 consolidated operations, and its terminals division generated EBIT of $458 million at a margin of 31.6%. Maersk is using terminals not simply to handle boxes, but to stabilize its ocean network and connect it to a broader range of inland logistics services.
MSC keeps ocean shipping at the center of its business, yet the sheer scale of a fleet that has passed 1,000 vessels has deepened its dependence on efficient terminals, transshipment hubs, and inland connections.
Terminal Investment Limited (TIL), the group's dedicated terminal platform, holds positions in more than 70 container terminals, including projects under development. Under the wider reporting boundary of MSC's Cargo Division - which also captures terminal interests connected with Africa Global Logistics and inland specialist MEDLOG - the group was operating or investing in more than 114 terminals by the end of 2025.
The Hamburg partnership shows how MSC links equity investment to future cargo commitments. The City of Hamburg retains 50.1% of HHLA while MSC holds 49.9%, and the two shareholders have agreed to provide EUR450 million in equity to support future investment. MSC has committed to raising cargo throughput at HHLA terminals to at least one million TEU annually from 2031, giving the operator access to long-term cargo and capital while securing MSC a deeper position at one of Northern Europe's most important gateways. The logic is direct: continued fleet growth must be matched by berth capacity, efficient transshipment, and inland infrastructure, or a larger fleet produces more waiting time rather than greater transport efficiency.
Hapag-Lloyd has chosen a more selective form of vertical integration, placing terminals firmly within its Strategy 2030 agenda without seeking to replicate every element of an end-to-end logistics model.
In 2023, the company established Hanseatic Global Terminals (HGT) as a separate business unit for terminals and infrastructure. HGT now operates 26 strategically located marine terminals across 13 countries and intends to expand to more than 30 terminal interests by 2030, with the portfolio constructed around Hapag-Lloyd's key trade lanes and regional growth markets. Damietta Alliance Container Terminals in Egypt began commercial operations in February 2026; Hapag-Lloyd indirectly owns 39% of the facility, which is expected to reach 3.3 million TEU in annual capacity after final construction, with a water depth of 18 meters and a projected cargo mix of roughly 80% transshipment serving East Mediterranean, Black Sea, and east-west services.
The expansion continues across regions. In Brazil, HGT has acquired 50% of the greenfield Aracruz terminal project, expected to open in mid-2028 with annual capacity of around 1.2 million TEU, 750 meters of quay, and a depth of 17 meters. HGT has also announced plans to acquire approximately 20% of Eurogate Container Terminal Hamburg and to raise its stake in the TC3 terminal at Tangier from 10% to 20%. The financial results underline the rationale: while Hapag-Lloyd's liner business recorded an EBIT loss of $21 million in the first half of 2026, its Terminal & Infrastructure division generated revenue of $360 million, EBITDA of $102 million, and EBIT of $39 million over the same period - positive operating earnings while the core ocean business came under pressure.
CMA CGM has made one of the industry's most explicit statements on port assets, describing terminals as 'the pivot of both our fleet and our industry.' Under the portfolio definition used by CMA Terminals Holding, the group holds interests in 66 terminal assets worldwide, which together handled approximately 52 million TEU in 2025. The portfolio spans two established platforms: CMA Terminals, wholly owned with 45 terminals handling about 22 million TEU in 2025; and Terminal Link, owned 51% by CMA CGM and 49% by China Merchants Port, operating 21 terminals across 16 countries and handling roughly 30 million TEU last year. These facilities operate on a multi-user basis, serving other carriers while securing critical capacity for CMA CGM's own network.
The group pairs operational expansion with a distinctive capital strategy. In July 2026, CMA CGM and infrastructure investor Stonepeak completed the formation of United Ports, with Stonepeak investing $2.4 billion for a 25% stake while CMA CGM retained 75% ownership and full operational control. The initial portfolio comprises nine CMA CGM-operated terminals across five countries - including Fenix Marine Services in Los Angeles, Port Liberty in New York and Bayonne, Santos in Brazil, and Valencia, Bilbao, and Algeciras in Spain - with the transaction implying an equity valuation of approximately $9.6 billion for the initial portfolio.
The latest expansion reinforces the Red Sea corridor. In August 2026, CMA CGM and Red Sea Gateway Terminal signed definitive agreements to jointly develop and operate Terminal 4 at Jeddah Islamic Port, in cooperation with Saudi Ports Authority Mawani. The initial investment, valued at approximately $434 million, will add up to 2.6 million TEU of annual capacity and include new deepwater berths capable of handling the world's largest containerships, advanced terminal technology, and ten new ship-to-shore cranes. Terminal Link with China Merchants Port, United Ports with Stonepeak, and the Jeddah partnership with Red Sea Gateway Terminal follow the same pattern: CMA CGM combines its shipping volumes and terminal expertise with the capital, local knowledge, or global infrastructure experience of strategic partners.
COSCO has long pursued an integrated strategy built around shipping, ports, and logistics, and its port arm gives that model considerable reach. As of the end of June 2026, COSCO SHIPPING Ports operated and managed 394 berths at 40 ports worldwide, including 245 container berths.
The scale is translating into growth. During the first half of 2026, its terminals handled 80.16 million TEU, an increase of 7.9% year on year, while revenue rose 12.3% to approximately $905.3 million and profit attributable to shareholders increased 28.5% to about $233.7 million. The company is extending traditional handling operations into integrated logistics, multimodal transport, terminal automation, artificial intelligence, and green-fuel supply chains. For COSCO SHIPPING Holdings, the terminal portfolio links deepsea services with regional routes, rail corridors, port logistics parks, and inland distribution; for COSCO SHIPPING Ports, group and alliance volumes provide a long-term cargo base. The organizational structure differs from that of its European and Mediterranean peers, but the strategic direction aligns closely: ports are critical nodes connecting vessel networks with global trade flows.
The five carriers are following different routes toward the same objective. Maersk is embedding terminals within an integrated logistics network and using hub control to support Gemini's reliability targets. MSC is building port and inland capacity around the world's largest containership fleet. Hapag-Lloyd is expanding a focused portfolio through Hanseatic Global Terminals. CMA CGM has created multiple investment platforms that combine carrier-controlled operations with external infrastructure capital. COSCO continues to integrate global port nodes with its shipping and logistics network.
Fleet size and vessel orders remain central indicators of carrier strength, but they no longer provide a complete picture of network quality. The location of terminal assets, the availability of deepwater berths, concession duration, transshipment efficiency, inland connectivity, and access to stable cargo volumes will increasingly determine the strategic value of a carrier's port portfolio. Ships can be ordered, chartered, or redeployed within a couple of years; a high-quality terminal at a mature gateway or a strategically positioned transshipment hub cannot be replicated quickly.
For shippers, freight forwarders, and importers, the takeaway is direct. Ships define the scale of a carrier's network - ports determine how efficiently that network operates. The next phase of competition in container shipping has already moved from sea to shore.
