Maersk has sharply upgraded its 2026 earnings outlook after a 46% surge in average container freight rates helped drive a strong third-quarter performance, highlighting how persistent disruption across global shipping networks is translating into windfall profits for major carriers.
The Danish shipping giant reported third-quarter revenue of USD18.1 billion, up 27% year-on-year, while EBITDA jumped 74% to USD4.7 billion. EBIT more than doubled to USD3.3 billion, from USD1.3 billion, while net profit climbed to approximately USD3 billion. The results prompted Maersk to raise its full-year underlying EBITDA forecast to USD14-14.5 billion, up from USD10.5-12.5 billion.
Its underlying EBIT guidance was also increased to USD8-8.5 billion, while expected free cash flow rose to more than USD3 billion. The striking earnings growth came despite a slight decline in container volumes, underscoring the extent to which constrained shipping capacity and higher freight rates are driving profitability.
Maersk’s Ocean division was the biggest beneficiary, with revenue surging 37% to USD12.6 billion and EBIT climbing to USD2.6 billion, compared with just USD567 million a year earlier. Average loaded freight rates rose 46% year on year to USD3,287 per forty-foot equivalent unit (FEU), even as loaded volumes slipped 0.8% to 3.37 million FEU.
Vessel utilisation remained high at 96%. While the upgraded outlook reflects strong pricing power and resilient demand, the latest results also expose the shipping industry’s continued dependence on disruption-driven freight premiums, leaving earnings vulnerable to any sustained easing of congestion and geopolitical tensions.