The headline everyone will carry is the 7% move and the beat: underlying EBITDA of $3.0bn for the second quarter against a company-compiled consensus of $2.12bn, revenue up 20% year-on-year to $15.8bn, EBIT of $1.6bn versus $845m, group EBIT margin at 10.0%. The number that actually describes the year is buried in the guidance table. Maersk has now raised full-year underlying EBITDA three times — $4.5-7bn on 7 May, $8-10bn on 29 June, $10.

A mid-size container ship with working bow thrusters, a competent master and a pilot on the bridge does not, on a calm afternoon, need two tugs to leave a harbour. It takes them anyway. The reason is not seamanship. It is that the port’s marine services regime priced a low-probability failure and decided the shipowner would pay for it on every movement, every day, whether the wind blows or not.

Every physical object in the historic centre of Venice arrived by hull. Bread, cement, hotel linen, restaurant deliveries, scaffolding, refuse going the other way, the coffin at a funeral. There is no road network behind the facade doing the real work. The canal in front of you is the road network, and the moored boats in this frame are the freight fleet at rest. The system has three legs. Goods reach the edge of the lagoon by road at Mestre and Marghera, transfer to flat-decked motor barges at the port or at Tronchetto, and then run into the city by water.

A chokepoint is a stretch of water narrow enough that closing it forces a detour long enough to change the economics of a trade. That definition excludes a lot of famous straits and includes a few obscure ones. Ranked below by throughput, with the reroute cost that gives each one its leverage. Volumes are approximate and stated on a normal-year basis. Several of these have not had a normal year since 2023, which is noted where it applies.

A port announces it handled ten million TEU last year. The natural reading is that ten million boxes crossed the quay. They didn’t. The real number was probably closer to six million, and depending on the port, a large share of those boxes never entered the country at all. TEU stands for twenty-foot equivalent unit. It is a normalising unit, invented so that ports and carriers with mixed box lengths could compare capacity on one scale.

The honest answer is that container traffic is further gone than tanker traffic, and for reasons that have almost nothing to do with how the war ends. Crude can move on a shadow fleet with the transponders off. A 19,000 TEU boxship on a fixed weekly rotation cannot. What is being lost is not the waterway. It is Jebel Ali’s position as the default first port of call for the Middle East.

A cruise ship at a commercial berth looks like a nice piece of civic branding. Passengers on deck, cranes in the background, the whole port working at once. What the picture does not show is that for the length of that call, a container terminal has been operating with one hand tied behind its back. Most mid-size ports that handle both passengers and boxes never built a separate cruise facility. The cruise business arrived later, or seasonally, or as a political initiative, and it got slotted into whatever quay had the depth and the road frontage.

Maersk Air Cargo has become the newest member of BARIG, the Board of Airline Representatives in Germany, as the trade association sharpens its focus on the country’s air cargo sector. BARIG has been pressing German authorities to address what it describes as excessive location costs and layers of bureaucratic complexity weighing on airfreight operators. Chairman Michael Hoppe pointed to airfreight’s growing importance for German industrial supply chains, arguing that current conditions put unnecessary strain on operators at a time when the mode is more critical than ever.

Walk along almost any port that handles livestock exports and you’ll notice something odd: the ships look a lot like car carriers. Tall, boxy hulls. High freeboard. Almost no portholes. A silhouette built for stacking, not for passengers. That’s not a coincidence. A large share of the world’s livestock carrier fleet didn’t start out moving sheep and cattle at all — these vessels began life as Pure Car and Truck Carriers (PCTCs), the same ships used to ferry new vehicles across oceans.

This landmark consolidation in the global food delivery space marks a major step in the competition between top platforms. The Financial Details Offer Price: Uber has offered €41.50 per share in cash. This represents a premium of approximately 127% on the unaffected three-month volume-weighted average share price prior to May 8, 2026. Total Valuation: The voluntary takeover offer implies a fully diluted equity value of €13.0 billion (approximately $14.8 billion). Net Valuation: Adjusting for Uber’s previously acquired shares in Delivery Hero, the net value of the deal is $13.