The three largest publicly listed container lines — Maersk, CMA CGM and Hapag-Lloyd — generated combined revenue of $37.3 billion in the second quarter of 2026, but the headline figure masks sharply divergent fortunes at the bottom line. Hapag-Lloyd's group profit collapsed 73% year-on-year to just $83 million, even as Maersk and CMA CGM each banked roughly $3 billion in EBITDA.

Volumes rose across the board. CMA CGM moved 6.3 million TEU, up 6% on Q2 2025. Maersk handled 3.36 million FFE, equivalent to about 6.72 million TEU, with loaded volumes 4.1% higher. Hapag-Lloyd carried 3.48 million TEU, up 3.5%. Average freight rates climbed by between 9% and 22%, driven by Far East export demand, inventory restocking and rerouted capacity after disruption around the Strait of Hormuz.

How did Maersk turn rates into a recovery?

Maersk's Ocean division led the field on rate growth. Its loaded freight rate jumped 22% to $2,746 per FFE, lifting Ocean revenue from $8.57 billion a year earlier to $10.53 billion. EBITDA climbed 41% to $2.04 billion, and EBIT quadrupled from $229 million to $935 million. Maersk calculated that the rate effect added roughly $1.57 billion to Ocean EBITDA, with volume contributing another $185 million.

The rebound followed a negative first-quarter Ocean EBIT of $192 million. Higher bunker prices — up 44% — still deducted $612 million from EBITDA, and congestion-related handling costs absorbed a further $169 million. Maersk raised its 2026 underlying EBITDA guidance to $10.5–12.5 billion, up from $8–10 billion, and lifted expected free cash flow from a negative $1.5 billion to above zero. Maersk's Q2 presentation attributed the upgrade to "stronger demand, congestion and a structurally tighter container market."

Logistics & Services posted a ninth consecutive quarter of margin improvement. Revenue rose 15% to $4.22 billion and EBIT margin edged from 4.8% to 5.1%, though contract logistics and lead logistics scraped by on a 1.7% margin.

Why did CMA CGM secure the strongest margin?

CMA CGM's shipping division posted the quarter's highest EBITDA margin at 22.7%, up 3.3 percentage points. Maritime revenue jumped 22% to $10 billion, and shipping EBITDA rose from $1.6 billion to $2.3 billion as both volumes and average revenue per TEU climbed. According to the company, the gains were sufficient "to offset additional costs linked to vessel immobilisation, insurance premiums and weaker services involving the Middle East."

Diversification helped. Terminals, air cargo and infrastructure revenue surged 47.6% to $1.5 billion, with EBITDA up 44.5% to $338 million. Logistics told a different story: CEVA Logistics revenue grew 8.5% to $5 billion, but EBITDA fell 15.4% to $388 million on tough forwarding and automotive conditions.

What pressed Hapag-Lloyd's margin?

Hapag-Lloyd's liner shipping EBITDA margin came in at 13.6%, the lowest of the three. Transport expenses climbed 8% to $1,265 per TEU, with bunker and emissions costs up 25% to $258 per TEU. Adding depreciation, total transport costs reached $1,443 per TEU against an average freight rate of $1,475 — a thin cushion in any quarter. The carrier attributed the squeeze to Strait of Hormuz disruption, longer routes, higher bunker, inland transport, insurance and container storage.

Terminal operations offered limited relief. Revenue rose 42% to $191 million on the first full consolidation of J M Baxi, with EBITDA up 26% to $55 million — too small to lift the group result. Hapag-Lloyd nevertheless raised 2026 EBITDA guidance to $2.7–3.7 billion from $1.1–3.1 billion, citing the spot-rate recovery. Its interim report warned that "both freight rates and the Middle East situation remain highly uncertain."

What does the split mean for shippers and forwarders?

The Q2 figures show that operational disruption strengthened carriers' pricing power but not necessarily their earnings. Maersk and CMA CGM converted rate gains into 40%+ maritime EBITDA growth. Hapag-Lloyd, more exposed to fuel and rerouting, watched most of its 8.9% rate rise evaporate. For shippers, the divergence signals continued rate discipline at the top of the market; for forwarders squeezed inside the CEVA-style logistics model, margin compression looks set to persist. With both carriers and shippers explicitly flagging Hormuz risk in their outlooks, contract negotiations into the fourth quarter will be shaped by how long the disruption premium holds.