Freight pricing lifted Maersk's third-quarter EBIT 155% to $3.3 billion, prompting an upgrade to its 2026 earnings and cash-flow targets despite a slight decline in loaded volumes.
A.P. Møller - Mærsk A/S, which operates as Maersk, now forecasts underlying EBITDA of $14 billion to $14.5 billion, up from $10.5 billion to $12.5 billion. Its underlying EBIT range rose to $8 billion to $8.5 billion from $4.5 billion to $6.5 billion. The company also raised its free cash flow forecast to more than $3 billion, from above zero.
The outlook assumes global container volumes grow about 4% in 2026. Maersk’s Nov. 5 interim report showed third-quarter revenue increased 27% to $18.1 billion, while EBITDA gained 75% to $4.7 billion.
Ocean accounted for most of the earnings improvement. Average loaded freight rates were up 46% from a year earlier, while loaded volumes declined 0.8%. The contrast indicates that stronger pricing, rather than shipment growth, was central to Ocean’s quarter.
Revenue in Logistics & Services rose 13% to $4.5 billion. Terminals revenue increased 4.9% to $1.5 billion. Maersk said weather disruptions at East Asian ports and the Strait of Hormuz closure reduced available shipping capacity, with congestion adding pressure across its network. Ocean operating costs grew 18%, mainly because of higher bunker costs.
Maersk Chief Executive Vincent Clerc said consumer spending and investment in electrification, energy and AI infrastructure supported trade. He said cargo demand exceeded the space Maersk could offer on some routes.
