Earnings season has delivered. On November 5, A.P. Moller-Maersk reported third-quarter revenue of USD 18.1 billion (+27% YoY), EBITDA of USD 4.7 billion (+75.4%), EBIT of USD 3.27 billion (+154.6%) and net profit of about USD 3.0 billion (+178%) — a single quarter that exceeded the whole of 2025's USD 2.915 billion. Full-year underlying EBITDA guidance was raised for a third time, to USD 14.0-14.5 billion from USD 10.5-12.5 billion.
Yet the quality of the earnings is rate-dependent: Maersk's average loaded rate hit USD 3,287/FFE, up 46.5% year on year, while loaded volumes fell 0.8%. Severe typhoons in Asia and Red Sea/Hormuz-related diversions pushed global average port waiting times to 16.6 hours at the peak — the highest since January 2023 — squeezing effective capacity and propping up rates. With core results about 11% below consensus EBITDA, the stock dropped as much as 10% intraday and Goldman Sachs cut the rating to Sell, arguing the strength rests on temporary factors.
ONE (Ocean Network Express) followed on November 4 with Q3 net profit of USD 1.32 billion (+362.5%), revenue of USD 6.27 billion (+40.8%), volumes of 3.396 million TEU (+2.2%) and per-box revenue of USD 1,709 (+39.5%). It raised its FY2026 net-profit guidance from USD 0.9 billion to USD 2.0 billion, while cautioning that spot rates will soften seasonally in the second half — albeit above prior expectations, with a modest rise possible before Chinese New Year.
What this means for the China-Japan lane: near-sea pricing remains stable, with the SCFI Japan lane at USD 328/TEU to Kansai and USD 335 to Kanto on the October 30 reading (reference rates). But as deep-sea rates come under pressure from the Suez return and newbuild deliveries, carriers will keep rolling out schedule and pricing adjustments — keep quote validity on Japan-bound cargo short, ideally 7-15 days, and build in a rate re-check.
The final Q4 window for Japan-bound shipments clusters in mid-to-late November before Japan's logistics near-shutdown at year end. We offer one-stop service — pickup across China, export customs, ocean/air freight, Japan import clearance and door delivery. Check published rates via the Ruiyutong calculator (https://www.4006519886.cn/smart-oa/price.php), track shipments (https://www.4006519886.cn/smart-oa/track.php), or click sales@ruixincargo.com to send cargo details and consult online.