News / Maersk reports strong results in Q2, but bullish market 'may be short-lived'

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Maersk today revealed its Q2 lifted volumes were just a cut above overall market growth, but its bullish outlook for the rest of the year may be short-lived, warned analysts.

The Danish carrier reported “strong results” in Q2 year on year, with revenue growth of 2.8%, EBIT of $845m (up 6.4%), and EBIDTA of $2.3bn (up 17.5%). The underlying EBIT margin increased by 0.3 percentage points, to 6.2%.  

And despite a 9.6% year-on-year decline in loaded freight rates, Maersk’s Ocean division’s revenue increased 2.4%, “mainly attributed to higher volumes and higher revenue from demurrage and detention”.  

Its Q2 loaded volumes were some 6.5m teu higher than in Q2 24, a 4.2% increase, which puts Maersk’s Q2 25 liftings just above average market growth, with global volumes up 4%, to around 48m teu, according to today’s data from Container Trade Statistics (CTS). 

CTS noted that the container shipping market had seen “a robust first half of the year, despite the many uncertainties”, adding that total transported volume reached an “impressive” 93.5m teu, growth of 4.5% year on year.  

All regions experienced positive year-to-date import growth, and while most of their exports had reflected this growth, North America was a “notable exception” with a decline of 3%, “largely due to the pullback in exports from the Far East”, explained CTS.  

The regions with the largest increases in exports were South and Central America, Indian Sub-Continent and Middle East, and Far East, all seeing a 6% increase. 

“However, as another stage of tariff implementations looms, this period of growth may be short-lived,” warned CTS. 

“As we move into the second half of 2025, we can hope that the strong foundation laid in the first half will carry forward, providing a solid basis for the months ahead,” it added. 

Overall global volumes for June stood at 16.1m teu, a 3.4% decrease on May’s record volumes. And while continued volatility will be a cause for concern for shippers’ bottom lines, carriers seem more bullish.  

Maersk announced it had raised its full-year financial guidance to EBITDA of between $8bn and $9.5bn from $6bn-$9bn and, “given the more resilient market demand outside of North America”, expected global container market growth to be between 2% and 4%, updating its previous estimate of -1% to 4%.  

The Danish carrier was keen to highlight that June had marked the first month of the Gemini Cooperation with Hapag-Lloyd being fully phased-in and believed it was “on track to deliver” its reliability and cost-saving ambitions – the full impact of which would be revealed in its Q3 report.  

Meanwhile, Maersk’s air cargo revenue declined year on year, “due to uncertainties from the macro-environment and the refocusing efforts to improve operational efficiency and margins,” it explained. It’s air volumes declined 12%, to 74,000 tonnes in Q2.  

Compared with the first quarter, however, Maersk’s air freight revenue rose 9.2% year on year.  

Q2 revenue from logistics services grew 1% year on year, while the APM Terminals division enjoyed a 20% improvement in turnover, “from higher volume, improved tariffs, and higher storage revenue,” it said.