The Danish carrier is reportedly moving towards its first 24,000-TEU ships as it manages a 4.71m-TEU fleet, adjusts services disrupted by Middle East conflict and benefits from a recovery in freight earnings.

A.P. Moller–Maersk is reportedly moving towards an order for up to 24 LNG dual-fuel containerships at China’s Hudong-Zhonghua Shipbuilding, a project valued at about $5.8bn that would introduce the largest vessels yet to its fleet. 

Shipbroking reports identify Hudong-Zhonghua as the preferred builder ahead of Hengli Heavy Industry, with access to earlier delivery slots through a new dry dock cited as a key advantage. The ships are reported to cost around $240m each, with initial deliveries potentially beginning in late 2029 or 2030. The project has not been publicly confirmed as a signed contract.

Earlier reporting described a proposed structure of 12 firm ships and options for another 12. The full $5.8bn therefore represents the potential value of the entire programme, rather than a confirmed commitment covering all 24 vessels. 

A 747-ship fleet, with substantial chartered capacity

Maersk remains the world’s second-largest container carrier. Alphaliner figures reproduced by El Estrecho Digital for 29 October put its operated fleet at 747 ships with capacity of 4,712,171 TEU, representing a global market share of 13.6%.

Source: Alphaliner data reproduced by El Estrecho Digital, 29 October 2026. The orderbook is separate from the operated fleet. 

Chartered tonnage accounts for 37.5% of Maersk’s operated capacity. Its reported orderbook is equivalent to 38.4% of the existing fleet, although deliveries, vessel disposals and charter redeliveries will determine the eventual net change in capacity. 

MSC leads with 7.46m TEU and a 21.5% share, while CMA CGM follows Maersk with 4.49m TEU and 12.9%. Maersk’s capacity advantage over CMA CGM in that snapshot is approximately 220,500 TEU. 

From fleet replacement to larger newbuilding commitments

The prospective Hudong-Zhonghua project follows several rounds of investment in both owned and chartered ships.

In December 2024, Maersk confirmed orders for 20 liquefied-gas dual-fuel vessels totalling about 300,000 TEU, for delivery in 2028–2030. The programme comprised six 17,000-TEU and two 9,000-TEU ships at Yangzijiang Shipbuilding, six 15,000-TEU ships at New Times Shipbuilding, and six 15,000-TEU ships at South Korea’s Hanwha Ocean.

It also confirmed charter agreements for another 500,000 TEU of methanol and liquefied-gas dual-fuel tonnage. At the time, Maersk explicitly described both programmes as replacing existing capacity as the vessels entered service. 

In February 2026, it ordered eight 18,600-TEU ships at New Times for delivery in 2029 and 2030. At 366 metres long and 58.6 metres wide, the design was selected partly for its deployment flexibility compared with the largest 400-metre containerships.

In September, Maersk confirmed another 26 ships of 18,600 TEU, also due in 2029–2030. The company did not name the builders or disclose prices; market reports allocated 20 ships to Hengli and six to New Times. Together with February’s order, those commitments total 34 ships and 632,400 TEU. splash247.com

A 24,000-TEU series would extend that programme into a larger vessel category. Twelve ships would represent 288,000 TEU, rising to 576,000 TEU if all 12 reported options were exercised. These are calculations for the proposed project, not additional confirmed orders.

The increased LNG commitment also follows Maersk’s earlier methanol programme. In June 2023, six 9,000-TEU methanol-enabled ships ordered at Yangzijiang brought its announced methanol-enabled newbuilding programme to 25 vessels. Its subsequent procurement has included both fuel types. 

Middle East disruption reshapes vessel deployment

Maersk has repeatedly adjusted its network since attacks on commercial shipping disrupted the Red Sea route in late 2023. In January 2024, following the incident involving Maersk Hangzhou, it announced that ships scheduled to transit the Red Sea and Gulf of Aden would instead sail around the Cape of Good Hope.

By May 2024, Maersk estimated that the disruption would remove 15–20% of effective industry capacity on Far East–North Europe and Mediterranean trades during the second quarter. Its response included additional capacity and faster sailing to help maintain services. The longer round voyages meant more ships were needed to carry a given weekly volume. 

The escalation in the Middle East in 2026 brought another round of changes. On 1 March, Maersk suspended vessel crossings through the Strait of Hormuz and rerouted its ME11 and MECL services around the Cape, pausing their planned trans-Suez sailings. 

The company subsequently combined alternative discharge ports, inland transport and selective sea movements. On 25 June, it confirmed that Maersk Baltimore and a time-chartered vessel had safely exited the Persian Gulf following security assessments. 

A limited return to Suez followed. On 6 July, Maersk and Hapag-Lloyd announced that the Gemini AE15 service would switch from the Cape route to Suez, beginning with Majestic Maersk. The announcement explicitly stopped short of a wider return of the East–West network and retained contingency plans for renewed diversions. 

On 13 October, the partners announced the relaunch of their FM1 Asia–Middle East service, connecting Qingdao, Ningbo and Tanjung Pelepas with Khor Fakkan before returning via Singapore. The first sailing was scheduled to leave Qingdao on 17 October and reach Khor Fakkan on 16 November, supported by landside connections serving the Upper Gulf. 

Disruption nevertheless continued into late October. Maersk’s 26 October advisory reported congestion, high yard utilisation and truck delays at Khor Fakkan, alongside operational constraints at Fujairah. It outlined alternative routing to Jebel Ali through bonded inland transport or direct feeder discharge where a Hormuz transit was possible.

The same advisory specified an additional $1,000-per-container charge for shipments transiting Hormuz, covering costs including insurance premiums and crew risk compensation. That charge replaces separately billed landbridge costs for cargo using the sea route, while remaining additional to the applicable Emergency Freight rate. 

Gemini adds a second strand to the network changes

Alongside the security-driven adjustments, Maersk launched its Gemini Cooperation with Hapag-Lloyd in February 2025. The partnership reorganised its East–West network around mainline services and connecting shuttles.

Maersk reported schedule reliability above 90% for the East–West network after full phase-in in 2025, citing Sea-Intelligence benchmarks. The figure applies to that network, rather than every service operated by Maersk. 

In its third-quarter 2025 presentation, Maersk put expected annualised Gemini cost benefits at $720m–$950m, covering fuel, asset utilisation and terminal efficiencies. Its second-quarter 2026 presentation said realised Gemini cost benefits were just above the upper end of the range. 

Freight recovery lifts earnings after a weaker 2025

The operational changes have coincided with a pronounced earnings recovery. For 2025, Maersk reported revenue of $54.0bn, EBITDA of $9.5bn and EBIT of $3.5bn, compared with $55.5bn, $12.1bn and $6.5bn respectively in 2024. 

Its latest published quarterly results, for April–June 2026, showed revenue rising 20% year on year to $15.8bn. EBITDA reached $3.0bn and EBIT $1.6bn, compared with $2.3bn and $845m a year earlier. 

Source: Maersk financial disclosures. Figures rounded; Q2 2026 covers three months and is not directly comparable with a full year. 

Ocean drove the quarterly improvement. Loaded volumes increased 4.1%, average freight rates rose 22% and vessel utilisation reached 96%. The segment generated EBIT of $935m, up from $229m a year earlier and reversing a $192m loss in the first quarter of 2026.

Logistics & Services contributed EBIT of $217m and Terminals $458m. Maersk said Gulf landbridge solutions supported its landside business, while affected ocean capacity was redeployed to other growing trades. 

The company’s investor presentation said higher ocean volumes and spot rates offset the financial impact of the Middle East situation. Quarterly free cash flow reached $549m, while cash and deposits stood at approximately $18.5bn. 

In August, Maersk raised its 2026 outlook to underlying EBITDA of $10.5bn–$12.5bn and underlying EBIT of $4.5bn–$6.5bn, based on expected global container market volume growth of about 4%. 

The EBIT outlook also incorporates an accounting change: from January 2026, the estimated useful lives of vessels increased from 20 to 25 years, reducing expected annual depreciation by about $700m. This supports reported operating profit without generating an equivalent cash inflow. 

Maersk is scheduled to publish its third-quarter results on 5 November. As of 30 October, those results remain outstanding. 

The proposed megaships would begin arriving several years after the current disruptions. For now, Maersk is managing those disruptions through its existing fleet, chartered capacity, service changes and inland connections, while its Chinese and South Korean newbuilding programmes establish the next stage of fleet renewal.