The biggest container shipping groups did not all come out of 2025 equally strong. Results from Maersk, CMA CGM and Hapag-Lloyd show that cargo volumes remained solid, but lower freight rates, rerouting costs and network pressure continued to weigh on the shipping business. The carriers that had stronger exposure to terminals, logistics and other adjacent activities were better able to protect earnings.
One major gap remains in any comparison of the sector. MSC, the world’s largest container carrier, does not publish annual financial results comparable to those of listed rivals, so the company cannot be benchmarked on the same basis as Maersk, CMA CGM and Hapag-Lloyd.
CMA CGM: diversification softened the pressure
CMA CGM reported 2025 revenue of $54.4bn, with EBITDA of $10.6bn and an EBITDA margin of 19.4%. The group transported 24.2 million TEU, up 2.8% year on year. But the more important message lies in the structure of those results: the company still delivered solid performance, even as its core shipping business came under pressure.
According to the company, maritime revenue fell to $34.3bn, while logistics revenue remained broadly stable at $18.3bn. Revenue from other activities, including terminals, air cargo and media, rose to $4.3bn. That suggests CMA CGM’s broader business model helped cushion the impact of weaker shipping conditions.
Maersk: resilience came from more than Ocean
Maersk reported full-year revenue of $54.0bn, EBITDA of $9.5bn and EBIT of $3.5bn for 2025, saying the result reached the top end of its guidance. The company said Ocean volumes grew 4.9%, while Logistics & Services improved profitability and Terminals delivered their strongest financial performance ever.
But Maersk’s figures also show where the pressure remained. The company said Ocean profitability declined because lower freight rates caused by supply overcapacity weighed on the business. In the fourth quarter, Ocean EBIT fell into negative territory despite strong volume growth. The key takeaway is that Maersk’s resilience did not come from sea freight alone, but from the breadth of its integrated business.
More details on Maersk’s 2025 results: Terminals carrying profits while ocean margins erode
Hapag-Lloyd: higher volumes did not mean stronger earnings
Hapag-Lloyd achieved 2025 group revenue of $21.1bn, with EBITDA of $3.6bn and EBIT of $1.1bn. Transport volume rose 8% to 13.5 million TEU, but the average freight rate fell 8% to $1,376 per TEU. In other words, the company moved more cargo, but earned less from it.
The carrier said higher costs linked to rerouting ships via the Cape of Good Hope and start-up expenses for the Gemini Network weighed on the annual result. At the same time, it said cost savings linked to Gemini began to appear in the second half of the year and should be fully realised in 2026. Its 2025 figures show clearly that volume growth alone was not enough to offset weaker pricing and higher operating costs.
More details on Hapag-Lloyd’s 2025 results: Higher volumes, lower earnings per container
Terminals became a financial buffer
The 2025 results show that terminals are no longer just supporting assets for the biggest shipowners. They are increasingly a financial buffer. At Maersk, the terminals business delivered record results as revenue rose 20%, supported by record-high volumes, improved rates and higher storage income. The company also said it accelerated growth by developing new sites, modernising existing facilities and securing key concessions in strategic locations.
CMA CGM, meanwhile, used 2025 to strengthen its terminal footprint, highlighting the acquisition of Santos Brasil and the creation of United Ports among its strategic priorities. In a year when ocean shipping remained exposed to softer freight rates and disruption, terminals helped the largest groups protect earnings and tighten their grip on more of the supply chain.
