In an uncertain global trade environment, Maersk's CEO Vincent Clerc strikes a confident note, emphasizing resilience over declining profits. The shipping giant's third-quarter results reveal a complex story of growing volumes amid falling revenue-a narrative that Clerc insists demonstrates underlying strength rather than weakness.
The numbers tell a story
Maersk's Q3 2025 financial results present what appears to be a contradictory picture at first glance. Revenue fell to $14.21 billion from $15.76 billion in the same period last year, while EBITDA slid to $2.69 billion from just under $4.8 billion year-on-year.
This decline, however, doesn't tell the whole story.
The company achieved sequential growth across all business segments during the quarter, leading management to raise the lower end of its full-year financial guidance. Maersk now expects EBITDA of $9-9.5 billion for 2025, up from previous guidance of $8-9.5 billion.
"Our performance reflects our ability to execute and continuously improve, as well as the trust customers place in us," said CEO Vincent Clerc in a statement.
Behind the profit decline
The earnings drop stems primarily from two factors: softer freight rates and ongoing disruptions in the Red Sea. While these market conditions pressured the top line, Maersk demonstrated operational improvements that partially offset these challenges.
The Ocean segment, despite seeing revenue decline, managed to grow loaded volumes by 7% year-on-year. This volume growth came through the Gemini Cooperation, Maersk's shipping alliance that has strengthened service reliability while reducing costs.
The company's container fleet utilization remained strong at approximately 94% during the quarter, indicating efficient capacity management despite market headwinds.
Terminal and logistics businesses shine
Beyond the ocean shipping business that made Maersk famous, the company's diversification strategy showed promising results:
The Terminals segment delivered record volumes and profitability, achieving a 17.2% return on invested capital. Volumes from Maersk Ocean customers increased by 26% year-on-year.
Logistics & Services continued to enhance profitability, with EBIT margin improving to 5.5% from 4.8% last quarter. This growth was attributed to better asset utilization and productivity improvements.
The global trade resilience factor
In his comments, Clerc pushed back against narratives of deglobalization, noting that the "demise of globalization seems quite premature". He pointed to unexpected strength in demand across all regions, with the U.S. market picking up again toward the end of the quarter ahead of the peak year-end season.
The company now expects global container market volume growth of approximately 4% for 2025, up from the previous 2-4% forecast range.
Clerc specifically highlighted China's manufacturing strength as a key driver, noting that the country's share of global exports has risen from 33% to 37% over the past two years. "This has been a core trend over the past two years, and it's one of the reasons why we've repeatedly been surprised by the resilience of demand for various products," he told CNBC.
Preparing for rougher waters
Despite the positive indicators, Maersk isn't ignoring potential challenges ahead. The company acknowledged that the Red Sea disruptions are expected to persist throughout the year, continuing to strain margins.
Perhaps more concerning is the container shipping industry's high order book-to-fleet ratio of 32%-the highest since the global financial crisis. This could lead to overcapacity and potentially trigger price wars in the future.
Clerc addressed these concerns directly, outlining Maersk's four-pronged strategy to control costs if market conditions deteriorate:
- Idling until market conditions improve
- Returning chartered vessels to owners
- Scrapping older ships rather than continuing to operate them
- Implementing slow steaming to reduce fuel costs and absorb excess capacity
"We're also looking at our own operations for areas where we can save costs," Clerc added. "This is something we must always keep an eye on."
Investing through the cycle
Beyond cost control, Maersk continues to invest in strategic initiatives focused on digital transformation and sustainability. The company is prioritizing investments in supply chain visibility technologies, including AI-driven analytics and blockchain-based tracking systems.
On the sustainability front, Maersk has added seven dual-fuel methanol vessels and completed the retrofitting of the Maersk Halifax-industry-first moves signaling its commitment to decarbonization.
These investments represent a balancing act between short-term profitability and long-term strategic positioning in an industry increasingly focused on both digitalization and environmental responsibility.
The bottom line
Maersk's third-quarter results reflect a company navigating the complexities of post-pandemic global trade. While the headline numbers show decline, the underlying metrics suggest a business building operational resilience amid market fluctuations.
As Clerc summarized, "As market conditions fluctuate, we are well positioned to help our customers adapt and maintain stability across their supply chains."
The shipping giant's ability to grow volumes despite rate pressure, improve terminal and logistics profitability, and maintain strong cost controls indicates
