Carrier profitability rebounds as freight rates and trade mix boost margins

Carrier profitability improved sharply in the second quarter of 2026 as higher freight rates and changing trade exposure lifted operating margins, according to Alphaliner.

The average operating margin for the leading container carriers rose to 11.2% in the second quarter of 2026, as route disruption, port congestion, and continued strong demand pushed freight rates sharply up.

The results show the fortunes for the majority of container carriers have again turned after a difficult Q1. Unlike the previous two quarters, no lines reported operating deficits in the second quarter. However, Hapag-Lloyd remained in the red over the full six-month period.

There were some surprises in the quarter, however, as Maersk’s margin overtook that of HMM, despite the usual dominance of Asian (spot-oriented) carriers over Europe’s (contract cover-oriented) lines when freight rates surge.

Maersk logs highest rate increase!

Taiwan’s Wan Hai Lines again reported the highest operating margin for the quarter, at 26.0%. The mid-tier carrier has now topped the rankings for five consecutive quarters. Evergreen and COSCO Group, who have long dominated second and third position, traded places, with Evergreen rising to second with a margin of 18.4% to COSCO’s 14.2%, as East-West trades became a more important revenue driver than inter-Asia rates.

Most notably, Maersk climbed two places in the rankings after logging a margin of 8.9% on the back of a market-beating 22% year-on-year increase in rates. The world’s number two carrier benefited from good market exposure, with 56% of its product mix earning spot rates, as well as effective network redeployment, with rates rising 28% East-West and 21% North-South. CEO Vincent Clerc said digital investments also helped the line raise rates quicker than its rivals, without giving further details.

As a result, Maersk’s group EBIT of USD 3 bn exceeded analysts’ expectations by almost USD 900 M. Its sixth place shipping margin ranking was its highest since 2023, and put the carrier above HMM.

Source: Alphaliner