Maersk revenue jumps 27% to $18.1bn as freight rates offset volume dip

Maersk posted a 27% year-on-year jump in third-quarter revenue to $18.1bn, driven by a 46% surge in container freight rates that more than compensated for a slight decline in loaded volumes, and raised its full-year earnings guidance for the third time this year.

The Danish carrier now expects EBITDA of $14bn-$14.5bn, up from its previous range of $10.5bn-$12.5bn, and lifted its EBIT forecast from $4.5bn-$6.5bn to $8bn-$8.5bn. It also anticipates overall volume growth of around 4% for the full year, and has joined Ocean Network Express in revising its outlook upward.

Ocean was the standout. The division pulled in $12.6bn in revenue, up 37% on the same quarter last year, and delivered the group's most dramatic profitability swing — EBIT spiked from $567m a year ago to $2.6bn.

Group CEO Vincent Clerc was blunt about the result. He said: "We delivered a strong quarter across our businesses. Despite continued geopolitical uncertainty and disruptions, global trade has remained remarkably resilient."

What drove the rate surge?

Average loaded freight rates climbed 46% year on year, to $3,287 per 40ft container. Clerc singled out investment in electrification, energy and AI infrastructure as one of the core drivers of that growth.

The rate spike absorbed a moderate volume decline. Loaded volumes slipped 0.8% over the three months to 3.37m feu, which Maersk attributed to severe weather in Asia and disruption around the Strait of Hormuz. Still, volumes were up 0.3% against the second quarter.

The broader demand backdrop held firm. Maersk noted global container demand grew between 2% and 4% year on year during the quarter, supported by resilient consumer spending and investment flows.

How did the other divisions perform?

Revenue growth came from every division, though Ocean dominated the contribution:

• Logistics & Services: revenue up 13% to $4.5bn, from $4bn a year earlier, with solid growth in airfreight and project logistics within its Forwarding arm.
• Terminals: volume up 2.6%, revenue up 4.9% to $1.5bn from $1.4bn, with Africa and Europe faring well — driven by improved rates, higher storage revenue and a favourable cargo mix.

Group profitability scaled accordingly. EBITDA rose 75% to $4.7bn, from $2.7bn, while EBIT climbed from $1.3bn to $3.3bn.

What does this mean for shippers?

The numbers confirm that carriers have retained substantial pricing power on east-west trades through the peak season, and that Maersk has converted disruption — from Asian weather to Middle East tensions — into rate leverage rather than volume growth. Shippers facing contract renewals will note that Maersk's gains came from rates, not tonnage; the volume base was essentially flat.

For forwarders, the strength in Logistics & Services and Terminals signals Maersk's integrated strategy is finally producing double-digit top-line growth alongside the Ocean engine, deepening the competition between carrier logistics arms and traditional freight forwarders.

A separate reliability snapshot adds context to the competitive picture: Maersk ranked as the most reliable carrier across the east-west trades in August and September, though the Gemini Cooperation's performance showed hits and misses, with MSC achieving 68.9% reliability — narrowly behind.

With guidance raised three times in a single year and Ocean EBIT up nearly fivefold, the question heading into Q4 is whether rate strength holds as capacity returns and demand normalises — or whether Maersk has banked its gains at the top of the cycle.