Global container carriers moved more cargo in the third quarter of 2025, signalling a clear recovery in trade flows after the turbulence earlier this year. Yet the improved demand has not translated into stronger profitability. Instead, Maersk, Hapag-Lloyd and CMA CGM all reported a similar pattern: higher volumes, lower average freight rates and elevated operating costs, resulting in weaker year-on-year earnings.
The contrast is striking. The three companies succeeded in lifting volumes — supported by network redesigns, stronger regional trade and operational improvements — but the amount earned per container continued to fall. At the same time, cost pressures stemming from Red Sea rerouting, bunker prices and trade volatility weighed on transport margins across their fleets.
To show this dynamic clearly, here is a concise snapshot of how all three companies performed in Q3:
| Carrier | Volume trend (YoY) | Rate / revenue trend (YoY) | Key cost pressures | |
| Maersk | Volumes up 7% | Lower than 2024 (stable vs Q2 but still down) | Red Sea rerouting; bunker costs; Gemini network adjustments | |
| Hapag-Lloyd | Volumes up strongly on East–West trades | Average rate down | Network start-up costs; global congestion and delays | |
| CMA CGM | Volumes up 2.3% | Revenue/TEU down 19% YoY | China–US volatility; rerouting; fuel and charter inflation | |
In other words: carriers handled more containers but earned less per box and spent more per voyage.
Terminals and inland operations cushion the pressure
One of the few bright spots in the Q3 results was the performance of terminals and inland infrastructure.
Maersk’s terminals division delivered another record quarter, supported by strong utilisation and throughput. CMA CGM reported strong growth in its terminals and “other activities” segment through recent acquisitions. Hapag-Lloyd continued to expand its terminal and infrastructure footprint, aided by new assets in France, though margins were affected by higher personnel and operating costs.
As these investments expand, carriers are tightening their control over critical logistics nodes, a trend that may support more consistent port-to-hinterland flows for customers over time.
Logistics, rail and air freight gain strategic importance
Beyond ocean shipping, all three groups leaned more heavily on their non-sea activities to stabilise performance.
Maersk recorded improved profitability in its Logistics & Services division, supported by warehousing and fulfilment solutions. CMA CGM strengthened its intermodal capabilities in Europe with the acquisition of Freightliner UK and continued expanding its air cargo fleet. Hapag-Lloyd reported growing inland transport activity across Europe and the Americas.
These developments align with a broader strategy across the industry: diversifying earnings and reducing reliance on volatile spot rates.
Why the Q3 results matter for European cargo owners
For shippers and forwarders across Europe, the Q3 results point to a market that is becoming more operationally reliable but financially tighter. The carriers’ ability to grow volumes while earning less per container means rate pressure is likely to remain part of the landscape, particularly once the current geopolitical disruptions start to ease.
The rollout of the Gemini network is beginning to reshape expectations on the Asia–Europe corridor. Both Maersk and Hapag-Lloyd highlight improvements in schedule reliability, and although the network is still bedding in, its early performance suggests a more predictable east–west backbone. For cargo owners, this could gradually reduce some of the planning uncertainty that has defined the past few years.
Another visible shift is the carriers’ growing presence in terminals and inland transport. Investments in Hamburg, Jeddah, Lyon and a series of European inland facilities show a sustained move toward controlling the key nodes between sea and hinterland. For shippers, this may translate into more cohesive door-to-door offerings, though with carriers exerting greater influence over the flow of cargo beyond the quay.
The expansion of logistics, rail and air operations underlines the same trend. Each of the big three is broadening its transport portfolio, and these activities now play an increasingly important role in cushioning earnings when ocean markets soften. For users of freight services, the practical effect is more multimodal options built into the carriers’ core networks, rather than treated as add-on products.
Taken together, these developments describe a market in transition: higher volumes moving through more stable networks, but with margins settling into a more normal range. For European shippers, that combination is likely to mean continued competition on rates, alongside a gradual deepening of integrated solutions offered by the large carriers.
