Train of Thought: European Transportation Credit Update: Recent news round-up: MAERSK raises guidance; latest on Castlelake interest in EZJLN

Research evidence excerpt

Train of Thought: European Transportation Credit Update: Recent news round-up: MAERSK raises guidance; latest on Castlelake interest in EZJLN

J P M O R G A N Europe Credit Research

01 July 2026

Train of Thought: European

Transportation Credit Update

Recent news round-up: MAERSK raises guidance;

latest on Castlelake interest in EZJLN

Following a brief pause in this publication while we worked on our European Europe Corporate Credit -

Transportation Mid-Year Outlook (available here), today we round up some of the top Healthcare, Transportation and

headlines and industry updates from the last couple of weeks. Of particular note, Sustainable Investing

Castlelake returned with a fourth indicative offer to take over easyJet, with the board Danielle Ward, CFA AC

indicating some (tentative) openness to considering a transaction in future, should (44-20) 7742-7344

terms be improved and reassurances provided. We also discuss Maersk’s FY26 danielle.x.ward@jpmorgan.com

guidance upgrade on the back of the strong demand and spot freight rate performance Erik Wolf

witnessed in recent weeks, alongside a second IG upgrade for Carnival and capital (44 20) 3493-4385

erik.x.wolf@jpmorgan.com

markets activity from Air France-KLM.

Adeline Z Kwok, CFA

Maersk (N) upgraded its 2026 guidance, citing strong demand and the recent (44 20) 7134 0302

gains in spot freight rates (29-Jun): adeline.zinhe.kwok@jpmorgan.com

J.P. Morgan Securities plc

• Maersk now expects FY26 underlying EBITDA between $8-10bn (vs.

previous guidance for $4.5-7bn and comparable to the $9.5bn delivered in

2025). The group now anticipates generating FCF of at least -$1.5bn (vs. prior

guidance for at least -$3bn). Maersk now sees global industry volumes

growing by c. +4% in FY26 (vs. its prior assumption of +2-4%).