The global container shipping market, after a sluggish first quarter, saw a definitive recovery in the second quarter. Q2 earnings reports recently released by leading carriers including CMA CGM, Maersk, and Hapag-Lloyd show that, driven by both recovering freight rates and rebounding cargo volumes, industry sentiment has improved markedly, with top carriers generally posting revenue and profit growth. Profitability performance varied significantly across companies due to differences in route structures, cost controls, and business portfolios. Industry insiders expect the container shipping market to sustain high prosperity through Q3, with a modest pullback possible in Q4.<\/p>\n
Danish shipping giant Maersk, the world’s second-largest container shipping company, reported in its Q2 2026 earnings that, benefiting from robust market demand, higher ocean spot freight rates, and broad-based growth across all business segments, the company delivered a strong quarter with revenue up 20% year-over-year from $13.1 billion to $15.8 billion. EBITDA rose from $2.3 billion in the year-ago period to $3.0 billion, EBIT increased from $845 million to $1.6 billion, and the EBIT margin reached 10.0%.<\/p>\n
CMA CGM, France’s largest and the world’s third-largest container shipping company, reported in its Q2 earnings that despite ongoing tensions in the Middle East, global trade policy adjustments, and significant uncertainty in international supply chains, the company maintained overall growth in Q2, with its diversified shipping, port, aviation, and logistics businesses continuing to deliver synergies. Q2 revenue reached $15.69 billion, up 19.2% year-over-year; EBITDA was $2.99 billion, up 31.2%; net profit was $770 million, up 47.8%. The Q2 recovery largely offset the pressure on profitability from weak freight rates at the start of the year and rising costs related to the Middle East conflict.<\/p>\n
Hapag-Lloyd, the German container shipping company ranked fifth globally by capacity, reported Q2 2026 revenue of approximately $5.84 billion, up 10.8% year-over-year; EBITDA of $830 million, up 1.1%; and net profit of $83 million. While net profit remained significantly below the year-ago period, the company returned to profitability compared with a group net loss of approximately $256 million in Q1 of this year.<\/p>\n
Evergreen Marine Corporation (Taiwan) and Wan Hai Lines also posted double-digit growth in Q2 revenue and net profit. Notably, Mediterranean Shipping Company (MSC), the world’s largest container shipping company by capacity, is privately held and does not publish financial results. COSCO Shipping, ranked fourth globally, has not yet released its Q2 earnings.<\/p>\n
Three Converging Forces Drive Freight Rates Higher<\/p>\n
Multiple variables collectively drove the improved Q2 revenue performance for container shipping companies. The most critical driver came from changes in US tariff policy. The market had widely anticipated that tariff rates would increase further after the July 24 expiration, triggering a pronounced export “front-loading wave” beginning in mid-April, with shipments to Europe and especially the United States being pulled forward. As a result, market demand remained robust throughout Q2, and freight rates continued to climb.<\/p>\n
Beyond the front-loading effect from tariff concerns, geopolitical conflict also provided a boost to global shipping. US-Iran tensions escalated in late February, and the Strait of Hormuz experienced closures in March, stranding some capacity in the Persian Gulf. Combined with a sharp rise in oil prices, these factors further transmitted pressure through global shipping markets. Meanwhile, facing the Q1 market downturn, major carriers proactively implemented capacity management through blank sailings and capacity reductions to regulate supply. The front-loading wave, geopolitical disruptions, and carrier capacity management converged to drive freight rates sharply higher in Q2, benefiting shipping companies.<\/p>\n
Maersk also noted in its earnings report that global transport and logistics demand remained resilient in Q2. Due to disruptions along the Strait of Hormuz route, cargo destined for the Gulf region was diverted to alternative ports and transshipped via inland transport routes, which in turn prompted rapid redeployment of ocean capacity to other routes with growing demand. Import demand was particularly strong in Africa, North America, and Latin America, supported by sustained export growth from the Far East, particularly China. At the same time, ocean spot freight rates rose significantly in Q2 due to strong market demand, worsening trade flow imbalances, tight capacity, and worsening port congestion in Europe, the Middle East, the east coast of South America, and West Africa.<\/p>\n
Full-Year Expectations Raised Successively<\/p>\n
In its Q2 earnings report, Maersk substantially raised its full-year outlook, now expecting underlying EBITDA of $10.5 billion to $12.5 billion, up from the previous range of $8.0 billion to $10.0 billion, and underlying EBIT of $4.5 billion to $6.5 billion, up from the previous range of $2.0 billion to $4.0 billion. This marks the second time this year that Maersk has raised its full-year guidance.<\/p>\n
Maersk CEO Vincent Clerc said: “The market conditions in the second quarter once again confirm that we have entered a new era of heightened volatility. Since 2024, broad and strong demand from the Far East has exacerbated imbalances in global trade flows, and high cargo volumes have put pressure on landside infrastructure. From ports to inland transportation, multiple regions are experiencing more severe congestion and operational disruptions. In a challenging market environment, our global team seized opportunities to achieve significant growth in both volumes and profitability across all businesses, and the company has substantially raised its full-year financial guidance. The infrastructure bottlenecks currently facing the industry are structural in nature, and we must continue to invest in critical trade infrastructure and build at scale to create the greatest possible value for our customers.”<\/p>\n
Hapag-Lloyd also announced a significant upward revision to its full-year fiscal 2026 earnings outlook in July, raising its full-year EBITDA guidance from the previous range of $1.1 billion to $3.1 billion to $2.7 billion to $3.7 billion, while simultaneously raising its full-year EBIT outlook from -$1.5 billion to $500 million to $100 million to $1.1 billion.<\/p>\n
Shipping CompanyQ2 Revenue (USD billions)YoY GrowthQ2 EBITDA (USD billions)YoY GrowthMaersk15.8+20%3.0+30.4%CMA CGM15.69+19.2%2.99+31.2%Hapag-Lloyd5.84+10.8%0.83+1.1%<\/p>\n
Note: Hapag-Lloyd’s Q2 net profit was $83 million, marking a return to profitability from a net loss of approximately $256 million in Q1.<\/p>\n
Regarding the successive upward revisions to full-year guidance by shipping companies, industry analysts note that on one hand, companies like Maersk have consistently adopted a strategy of conservative initial assessments followed by adjustments as market conditions evolve; on the other hand, actual market performance from Q2 onward has far exceeded the industry’s expectations at the start of the year. At the beginning of the year, the market was still in a downturn phase with freight rates continuing to decline. Q2 freight rates surged beyond expectations, and more than halfway through Q3, rates remain elevated and range-bound, supporting shipping companies in raising their Q3 and full-year guidance.<\/p>\n
Data released by the Shanghai Shipping Exchange on August 15 shows that the Shanghai Containerized Freight Index (SCFI) stood at 3,355.24 points on August 14, up 2.4% from the previous period and up 103.67% from 1,647.39 points at the start of the year.<\/p>\n
Maersk CEO: Demand Resilience Beyond Imagination<\/p>\n
During the earnings call, Clerc expressed an extremely positive view on the long-term outlook for the container shipping market and dismissed widespread concerns about “overcapacity.” He noted that despite years of talk about deglobalization and uncertainty over oil prices, the data shows no signs that these factors are actually weakening container shipping demand.<\/p>\n
“For me, that is the key thing that has changed compared to three months ago. The market appears to be so resilient that it can shrug off these shocks and keep volumes at an unchanged level,” Clerc said, adding that genuine underlying demand prompted Maersk to raise its expectations for container market growth.<\/p>\n
Clerc pointed out that beyond demand resilience, there is another driver: landside capacity constraints. Over the past three years, exports from the Far East have grown 25%, and trade has become more imbalanced. Bottlenecks are primarily emerging at major ports in Northern Europe, the east coast of South America, West Africa, and China, with the root cause stemming from sustained cargo volume growth from Asia, particularly China.<\/p>\n
Maersk is increasingly transporting goods for the industrial sector, whereas previous cargo volumes consisted mainly of consumer goods. “Batteries, air conditioners, solar panels, wind turbines and wind turbine parts\u2014most of which are manufactured in China,” Clerc added, noting that demand for industrial goods is more stable than for consumer goods, and demand for Chinese goods has grown consistently for years with no signs of change. In the current freight market, the biggest risk Maersk faces is a sudden drop in cargo volumes from China.<\/p>\n
“If cargo volumes from China suddenly dropped 10%, all the bottlenecks would disappear and everything would collapse,” Clerc said.<\/p>\n
At the same time, resolving landside bottlenecks is not easy. For liner companies, it is difficult to prepare for these issues. “It’s a very hard ceiling to break through, because developing a terminal takes longer than building a ship,” Clerc said. He expects that given demand resilience, underinvestment in terminals, and the time required to invest in terminals, freight rate spike events like those seen since May will become more frequent in the coming years. Maersk expects freight rates to remain highly volatile in the coming years, but with average levels higher than before due to bottleneck constraints.<\/p>\n
On the question of fleet expansion, Clerc’s stance also showed a notable shift. “Given current utilization levels, we are starting to reach the limit of what the current fleet can deliver,” he said, revealing that Maersk may need to consider “a certain degree of fleet growth,” rather than merely replacing older vessels. In Q2 2026, Maersk’s loaded volumes grew 4.1%, while utilization stood at 96%.<\/p>\n
Clerc noted that the “Gemini” cooperation with Hapag-Lloyd has enabled Maersk to transport more containers; however, high utilization means Maersk is approaching its own capacity limits. “What we have achieved through ‘Gemini’ is moving more cargo with a fleet that grows at a slower pace. But at current utilization and asset turnover levels, we are starting to reach the limit of what the fleet can handle.”<\/p>\n
During the investor conference call, multiple analysts noted a significant shift in Maersk’s description of future market prospects. JPMorgan analyst Alexia Dogani called it a “major narrative shift” for Maersk. Clerc acknowledged that this development also surprised him: “What has surprised me is the strength and resilience of demand.”<\/p>\n
However, Vespucci Maritime shipping analyst Lars Jensen said that Maersk’s abandonment of a capacity ceiling does not necessarily translate into a massive ordering program. “It doesn’t necessarily mean a huge number of orders; it could also indicate that Maersk will adopt a more aggressive chartering strategy.” Alphaliner analyst Jan Tiedemann said Maersk has been “very active” in chartering recently, suggesting that Maersk misjudged the newbuilding market a few years ago. “They ordered large container ships too late and in too few numbers; they still need another dozen or two.”<\/p>\n
Alphaliner’s latest data shows MSC’s orderbook has grown to 159 vessels or 2.783 million TEU, representing 37.8% of its existing fleet; CMA CGM’s orderbook stands at 158 vessels or 1.732 million TEU, representing 39.3% of its existing fleet; Maersk’s current orderbook is 90 vessels or 1.202 million TEU, representing 25.4% of its total existing fleet; Hapag-Lloyd’s current orderbook is 65 vessels or 508,000 TEU, representing 21.2% of its existing fleet; and Ocean Network Express (ONE) has an orderbook of 48 vessels or 592,000 TEU, representing 27.3% of its existing fleet.<\/p>\n
Q3 Sustains High Prosperity; Q4 May See Pullback<\/p>\n
Since late July, US-bound routes have continued to climb while European routes have traded sideways at elevated levels, primarily due to a series of extreme weather and geopolitical disruptions. China was hit by successive typhoons, with major container ports including Qingdao, Shanghai, Ningbo, and Shenzhen experiencing multiple shutdowns, causing cargo backlogs and vessel delays. Europe experienced high temperatures, with Rhine River water levels falling sharply, affecting inland waterway transport in Europe and in turn disrupting operations at core ports such as Rotterdam and Hamburg. Due to the El Ni\u00f1o phenomenon, the Panama Canal entered its dry season earlier than usual, with canal transit queueing costs soaring and canal tolls raised accordingly. A large number of vessels on US East Coast routes rely on Panama Canal transit; with canal passage disrupted, some cargo shifted to US West Coast ports, supporting firm freight rates on US routes.<\/p>\n
Looking ahead to the remaining four-plus months of the year, industry insiders expect freight rates to remain elevated in August and September, with an overall pattern of high-level oscillation followed by gradual decline. Due to early stockpiling ahead of the Lunar New Year, front-loaded shipment demand at year-end will still provide a floor for the market. From a revenue comparison perspective, Q3 revenue for shipping companies is expected to be roughly in line with Q2, with both Q2 and Q3 representing peak profitability periods for carriers; entering Q4, revenue is expected to see a modest decline.<\/p>\n","protected":false},"excerpt":{"rendered":"The global container shipping market, after a sluggish first quarter, saw a definitive recovery in the second quarter.…\n","protected":false},"author":2,"featured_media":149238,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[224],"tags":[14380,70710,70711,532,2012,245,14382,70709,6161,70712,70708],"class_list":["post-149237","post","type-post","status-publish","format-standard","has-post-thumbnail","category-maersk","tag-cma-cgm","tag-cosco-shipping","tag-evergreen-marine-corporation-taiwan","tag-gemini-cooperation","tag-hapag-lloyd","tag-maersk","tag-mediterranean-shipping-company","tag-shanghai-containerized-freight-index","tag-vincent-clerc","tag-wan-hai-lines","tag-zhong-zhechao"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@dk\/117127333037874431","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/149237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/comments?post=149237"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/149237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media\/149238"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media?parent=149237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/categories?post=149237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/tags?post=149237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}