A.P. Moller – Maersk (Maersk) reported first-quarter EBIT of $340 million for 2026, a sharp decline YoY despite strong cargo volumes, operational efficiencies and continued cost controls.
The Danish shipping and logistics group said container demand remained resilient during the quarter, driven largely by stronger exports from China and continued growth across its Ocean, Logistics & Services and Terminals divisions.
Ocean volumes increased by 9.3 per cent year-on-year, outperforming wider market growth, while terminal throughput rose by 4.3 per cent.
Logistics & Services revenue climbed 8.7 per cent as the company continued to improve margins across its portfolio.
Vincent Clerc, Chief Executive Officer at Maersk, said: “We’ve seen strong demand across most regions this quarter, supporting robust volume growth in our three business segments. In Ocean in particular, market volatility remains high, and industry oversupply continues to put pressure on rates.
“At the same time, our flexible Ocean network continues to prove its value as a true gamechanger, lowering our Ocean unit cost by 7 per cent even as the Middle East conflict disrupted supply chains.”
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Group EBITDA totalled $1.8 billion, down from $2.7 billion in the same period last year, while the EBIT margin reached 2.6 per cent.
Maersk said lower freight rates continued to weigh on profitability despite market share gains and higher cargo volumes.
The company noted that geopolitical tensions in the Middle East had limited direct impact on first-quarter performance, citing relatively low exposure within its Logistics & Services and Terminals operations alongside the flexibility of its Ocean network.
Within Ocean, EBIT came in at negative $192 million as freight rates remained under pressure due to industry overcapacity. However, vessel utilisation remained high at 96 per cent, supported by lower bunker costs and operational efficiencies.
Logistics & Services recorded EBIT of $173 million, driven by stronger performance in air freight and middle-mile operations, alongside continued cost discipline and automation measures across the business.
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Terminals delivered the strongest segment performance, reporting EBIT of $436 million. Revenue increased by 6.7 per cent, while revenue per move rose by 3.4 per cent due to improved pricing and terminal mix.
The company also continued expanding its global infrastructure footprint during the quarter. In shipping, Maersk ordered eight dual-fuel vessels with capacities of 18,600 TEUs for delivery between 2029 and 2030 as part of its fleet renewal strategy.
Maersk maintained its full-year 2026 guidance, forecasting global container market growth of between 2 and 4 per cent while expecting to grow in line with the market.
The outlook continues to depend heavily on freight rates, vessel overcapacity and the timing of any reopening of the Red Sea and Strait of Hormuz.
For more information:
Maersk – https://www.maersk.com/
