One clear change in the global container shipping market in the second quarter of 2026 was that cargo volumes and freight rates improved, but carrier earnings did not improve at the same pace. The Q2 results released by Maersk, CMA CGM, and Hapag-Lloyd showed markedly different trends. For freight forwarders worldwide, the results also offer insight into how freight rates, capacity, and transportation costs may develop in the second half of the year.

Key Highlights

• Maersk rebounds strongly: Q2 revenue reached USD 15.8 billion, up 20% year-on-year, while the company significantly raised its full-year guidance.

• CMA CGM records growth in volumes and unit revenue: Shipping revenue reached approximately USD 10 billion, transported volumes increased by 6%, and average revenue per TEU rose by 15.1%.

• Hapag-Lloyd’s profit comes under pressure: Q2 revenue increased to USD 5.84 billion, but Group profit fell to USD 83 million.

• Higher costs absorb part of the rate gains: Additional costs related to rerouting, bunker fuel, insurance, and the Middle East conflict have become an important factor.

• Freight rates alone will not determine second-half earnings: Carrier profitability will also depend on capacity utilization, operating costs, and geopolitical risks.

Maersk’s Ocean Business Rebounds Strongly

Maersk’s second-quarter results showed strong growth. Q2 revenue reached USD 15.8 billion, up 20% year-on-year. EBITDA rose by approximately 30% to USD 3.0 billion, while EBIT increased to USD 1.6 billion from USD 845 million a year earlier.

The Ocean business was the main growth driver. Revenue reached approximately USD 10.5 billion, up 23% year-on-year. Volumes increased by 4.1%, average loaded freight rates rose by 22%, and Ocean EBIT reached USD 935 million.

The revised full-year outlook is particularly relevant to freight forwarders. Maersk raised its 2026 underlying EBITDA guidance from USD 8.0–10.0 billion to USD 10.5–12.5 billion. Its underlying EBIT guidance was increased from USD 2.0–4.0 billion to USD 4.5–6.5 billion. This indicates that the company has become considerably more positive about demand, freight rates, and earnings for the remainder of the year.

CMA CGM Records Growth in Both Volumes and Revenue per TEU

CMA CGM also delivered strong Q2 results. In the second quarter of 2026, Group revenue reached approximately USD 15.7 billion, up 19.2% year-on-year, while EBITDA increased by 31% to approximately USD 3.0 billion.

Shipping revenue reached USD 10.0 billion, up 22% year-on-year. Transported volumes increased by 6% to 6.3 million TEU, while average revenue per TEU rose by 15.1% to approximately USD 1,575.

From a freight forwarding perspective, the key point is not only the increase in cargo volumes but the simultaneous growth in volumes and average revenue per TEU. When demand remains firm, higher unit revenue can provide more direct support for carrier earnings. Continued resilience in demand and freight rates would support earnings in the second half of the year.

Hapag-Lloyd’s Revenue Rises While Profit Declines

Hapag-Lloyd reported a markedly different result. Q2 revenue increased by approximately 10.8% year-on-year to USD 5.84 billion. Transported volumes reached approximately 3.48 million TEU, compared with 3.36 million TEU a year earlier. The average freight rate rose by approximately 9% to USD 1,475 per TEU. Volumes, revenue, and freight rates all increased.

Profit, however, came under significant pressure. Q2 EBITDA stood at USD 829 million, while EBIT declined by 6.9% to USD 176 million. Group profit fell by 72.9%, from USD 306 million a year earlier to USD 83 million.

The company said that the Middle East conflict generated approximately USD 600 million in additional costs during the quarter. Higher costs for rerouting, bunker fuel, insurance, and other operations offset part of the benefit from stronger Asian exports and improved U.S. demand.

What Do the Three Carriers’ Results Mean for Freight Forwarders?

Taken together, the results show that the container shipping market is improving, but cost uncertainty remains high. Maersk and CMA CGM benefited from higher freight rates and growing volumes, leading to stronger earnings. Hapag-Lloyd’s results show that even when freight rates rise, profit can still be compressed if bunker, insurance, rerouting, and other operating costs increase more quickly.

For freight forwarders worldwide, this means that second-half market assessments should not focus solely on spot freight rates. Carrier capacity deployment, vessel utilization, service adjustments, port congestion, and developments in the Middle East could all affect final quotations.

Higher freight rates improve revenue, but cost control ultimately determines how much profit carriers retain.

Sources 

Maersk, CMA CGM, Hapag-Lloyd, and publicly available industry information

Disclaimer

This article has been compiled from publicly available information and is intended solely for industry reference. It does not constitute investment, shipping, or commercial advice. Market conditions and company performance may continue to change. Please refer to the latest disclosures issued by the relevant companies.