Global container carriers moved more cargo in the third quarter of 2025, indicating a recovery in trade flows after disruptions earlier in the year. Higher demand did not translate into stronger earnings. Maersk, Hapag-Lloyd, and CMA CGM each reported increased volumes but lower average freight rates and higher operating costs, which reduced year-on-year profitability.
The combination was consistent across the three carriers. Volumes rose through network adjustments and improved regional flows, while earnings per container fell. Cost pressures linked to Red Sea rerouting, bunker prices, and trade volatility continued to affect transport margins.
To show this dynamic clearly, here is a concise snapshot of how all three companies performed in Q3:
Maersk
Volume trend: volumes up 7 per cent
Rate or revenue trend: lower than 2024, stable versus Q2, but still down
Key cost pressures: Red Sea rerouting, bunker costs, Gemini network adjustments
Hapag-Lloyd
Volume trend: volumes up strongly on East-West trades
Rate or revenue trend: average rate down
Key cost pressures: network start-up costs, global congestion, and delays
CMA CGM
Volume trend: volumes up 2.3 per cent
Rate or revenue trend: revenue per TEU down 19 per cent year on year
Key cost pressures: China to US volatility, rerouting, fuel, and charter inflation
Terminals and inland activities offset part of the pressure. Maersk reported a record quarter in its terminals division. CMA CGM recorded growth in its terminals and other activities, supported by recent acquisitions. Hapag-Lloyd continued to expand its terminal and infrastructure portfolio, although margins were affected by personnel and operating costs.
Carriers also increased reliance on logistics, rail, and air operations. Maersk reported improved performance in its Logistics and Services division through warehousing and fulfilment. CMA CGM strengthened intermodal capacity in Europe through the acquisition of Freightliner UK and continued to grow its air cargo fleet. Hapag-Lloyd increased inland transport activity across Europe and the Americas. These moves support a wider strategy of reducing exposure to volatile ocean spot markets.
For European cargo owners, the Q3 results indicate that carriers are moving more cargo through more stable networks, although at tighter margins. Rate pressure is expected to continue as long as the current geopolitical disruptions remain. The rollout of the Gemini network is influencing the Asia to Europe corridor, with both Maersk and Hapag-Lloyd reporting improved schedule reliability.
Carriers are also increasing their presence in terminals and inland transport nodes, influencing port-to-hinterland flows and expanding integrated transport options. For shippers, this may result in more cohesive multimodal offerings over the coming periods.
Source: trans.iNFO
