Maersk, the Danish shipping giant, returned to profitability in the second quarter, driven by improved shipping volumes and rates. The company’s Ocean division posted an operating profit (EBIT) of $470 million on revenues of $8.4 billion, marking an end to three consecutive quarters of losses. Overall, Maersk’s group operating profit surged to $963 million, up significantly from $177 million in the first quarter.
The company described its business as “on the mend,” with expectations that the impact of higher spot rates in Q2 will further boost Q3 results. However, despite these gains, Maersk’s performance lagged behind competitors. The company reported an operating margin of 5.6%, below its mid-term target of 6% and significantly under Ocean Network Express’s (ONE) margin of 15.8%. CMA CGM, another major carrier, recorded an EBITDA margin of 23.9%, compared to Maersk’s 16.8%.
To address ongoing disruptions from the Red Sea crisis, Maersk chartered an additional 172,000 TEU of capacity. The company raised its full-year EBIT guidance from $1-3 billion to $3-5 billion, citing Q2 results and anticipated Q4 volumes. Despite withdrawing from the sale of German logistics provider DB Schenker, Maersk remains committed to its logistics strategy, with the division reporting a 7.3% increase in revenue and a slight EBIT growth to $126 million.
Source: Maersk, Alphaliner
