Maersk (1K) | Hold | Rates are firming

研报英文原文证据摘录

Maersk (1K) | Hold | Rates are firming

#EarningsPreview #TPchange

Release date: 01 July 2026

Company research

HoldMaersk

Denmark | Transport Logistics Beta Profile: MCap: DKK221.3bn

Target Price: DKK16666.00 (15050.00) Change in TP: 10.7 % Bloomberg: MAERSKB DC Reuters: MAERSKb.CO

Current Price: DKK15540.00 Change in Sales: 2.5% 26E/0.8% 27E Free float 54%

Up/downside: 7.2% Change in Adj EBIT: up nm 26E/down nm 27E Avg. daily volume (DKKm) 513.1

YTD abs performance 6.1% Market data: 30 June 2026 Change in Adj. EPS: up nm 26E/down nm 27E

52-week high/low (DKK) 18625.00/11675.00

Rates are firming Price performance

Why this report?

The near-term outlook in the Container Shipping market is good as the

combination of increased demand - partly on frontloading in the US -

congestion amid the war in the ME, continued rerouting from the Red Sea via

Cape of Good Hope and falling fleet growth vs last year, improves utilisation

and boost rates. On 29 June, this also led Maersk to increase 2026E EBITDA

guidance by 57% to USD9bn (mid-point). We increase estimates, reiterate

Hold with TP raised from DKK15,050 per share, to DKK16,666.

Key findings

In Q2, QOQ and YOY, the SCFI Container rate index increased 55% and 42%,

respectively. On the mainlane routes from Shanghai to Europe/WC America/EC

America, the rates increased 38%/80%/66% QOQ and 45%/19%/6% YOY. Lately, FY to 31/12 (USD) 12/26E 12/27E 12/28E

the increased probability of extension of Trump tariffs with 10% - 12.5% imposed Sales 53,853 51,997 52,633

on China, Japan, the EU, India and the UK from 24 July has likely led to EBITDA adj. 8,722 7,435 6,877

frontloading, higher demand and partly contributed to the rate increases. Bunker EBIT adj. 2,234 467 -311

Net profit adj.