Seatrade Maritime: Terminals star performer in Maersk’s Q3 results

AP Moller – Maersk saw rates and revenues for container shipping business coming under pressure in Q3 while APM Terminals racked up record volumes and profitability.

Maersk reported a third quarter 2025 EBIT of $1.3 billion, down from $3.3 billion in the same period in 2024. Revenues in Q3 were down 9.9% year-on-year at $14.2 billion down from$15.8 billion in Q3 2024. The company said the drop in revenues as a whole was primarily due to its ocean, or container shipping, business where revenue fell by 18% due to a 31% drop in loaded freight rates.

Maersk’s ocean business saw a sharp drop in profitability compared to the previous year with an EBIT of $567 million in Q3 2025 against $2.83 billion in the same three months in 2024. Revenues for ocean in Q3 were $9.18 billion down from $11.1 billion in the same period a year earlier.

The company said its container shipping business achieved operational savings from the Gemini Cooperation alliance with Hapag-Lloyd which started in February this year and enjoyed a high utilisation rate of 94%.

Star performer was Maersk’s terminals business which was the highest contributor to overall profit with a Q3 EBIT of $571 million compared to $338 million a year earlier. With revenues growing 22% year-on-year to $1.45 billion the business of APM Terminals delivered an EBIT margin of 39.4%.

Maersk noted that the terminals business had delivered a record quarter with several terminals now nearing “optimal utilisation limit”. The terminals business has benefitted from the Gemini Cooperation has focused its east – west network on key hub ports operated Maersk and its partner Hapag-Lloyd.

The much-vaunted logistics business, focus of major investment in recent years, saw an increase in profitability in Q3 2025 with an EBIT $218 million compared to $200 million a year earlier. Revenues increased marginally year-on-year to $3.98 billion in Q3 2025 compared to $3.89 billion in the same quarter in 2024.

“We have delivered a strong third quarter across our business. Our performance reflects our ability to execute and continuously improve, as well as the trust customers place in us. The new East-West network has strengthened our ocean performance, delivering industry-leading reliability, higher volumes and lower costs,” said Vincent Clerc, CEO of Maersk.

“Terminals achieved another record quarter with strong volume growth, and logistics & services continued to enhance profitability. As market conditions fluctuate, we are well positioned to help our customers adapt and maintain stability across their supply chains.”

Maersk upped its full year guidance for the third time that container market growth had been revised to 4% from 2 – 4% previously, and an expectation that Red Sea diversions would continue until the end of the year.

The company raised its full year EBIT forecast $3.0 – $3.5 billion up from $2.0 – $3.5 billion previously. The forecast for full year EBITDA was similarly raised to $9.0 – $9.5 billion from $8.0 – $9.5 billion previously.