Hapag-Lloyd posts ‘solid improvements’ in freight rates
Danish shipping company Maersk posted second-quarter results “much stronger” than analysts expected, J.P. Morgan said in a research note. Maersk lifted its full-year guidance after both underlying Ebitda and Ebitda in its oceans unit came in ahead of expectations, the analysts added. Maersk’s revised 2026 underlying-Ebitda guidance of $10.5 billion to $12.5 billion compares to a consensus estimate of $8.5 billion, and its underlying-EBIT guidance of $4.5 billion to $6.5 billion compares with consensus of $2.8 billion. Maersk shares traded 6.8% higher at 18,595 Danish kroner. The absence of an increase to the company’s existing share buyback program might act as “a small disappointment,” J.P. Morgan said.
Transurban, the Australian toll-road operator, reported FY26 earnings and revenue that missed expectations, driving a 2.7% decline in its share price to 14.24 Australian dollars. Distribution guidance of A$0.72 a share for FY27 came in line with expectations and above the FY26 payout of A$0.69 a share. “Importantly, management disclosed that free cash coverage is expected to be slightly below the normal 95-105% target range due to the M5 West ownership changes,” Jefferies analyst Amit Kanwatia said. The disclosure suggests management is prioritizing dividend growth during a transitional earnings period, according to Jefferies. Jefferies had a hold rating and an A$13.69-a-share price target on Transurban ahead of the FY26 result.
In a separate research note, J.P. Morgan analysts reported that Hapag-Lloyd’s freight rates had shown “solid improvements” in the quarter, boosted by higher spot rates and volatility in fuel prices. Management expects higher demand to bring market growth, the analysts added, an outlook they said aligns with the global volume growth Maersk has anticipated for 2026.