Maersk Q1: Volumes up, rates down

AP MOLLER-Maersk has boasted a strong first quarter, at least as far as demand went, but lower freight rates saw a notable though industry-consistent drop in profits.

Against a volatile geopolitical environment, demand for container trade further increased in the first quarter of 2026, supported by robust export growth out of China, which accelerated relative to the previous quarter, the company said.

“The outbreak of the conflict in the Middle East had limited impact on demand and financial performance for the first quarter. Logistics & Services and Terminals have relatively low exposure to the Middle East. This together with the ability to leverage our modular Ocean network to limit disruptions to volume and service quality means Maersk is well-positioned to weather the challenges without material financial impact,” it said.

Maersk continued to harness the demand momentum, and results for the quarter were marked by increasing volumes while rates continued to be under pressure. Despite market share gains in Ocean, revenue was slightly below last year due to lower loaded freight rates. This was partially offset by increased revenue in Logistics & Services and Terminals.

EBITDA stood at USD 1.8 billion (USD 2.7bn) and EBIT at USD 340 million (USD 1.3bn). The EBIT margin reached 2.6%, reflecting a 1.7 percentage point improvement from 0.9% in Q4 2025, but down by 6.8 percentage points year-on-year.

The Ocean division demonstrated robust operational delivery with significant loaded volume growth of 9.3% and high asset utilisation of 96%. Stable operating costs, supported by efficiency efforts and reduced bunker costs, partly offset the continued loaded freight rates pressure exerted by industry oversupply. EBIT: USD 192m, down from USD 743m in the previous quarter. Was USD -153 in Q4 2025.

Logistics & Services’ performance continued to improve with revenue up by 8.7% and year-on-year EBIT margin improvement for the 8th consecutive quarter. The increase was mainly driven by improved performance within products such as Air and Middle Mile, continued cost discipline and structural efficiencies across the portfolio. EBIT: USD 173m, up from USD 142m in the previous quarter. Was USD 194m in Q4 2025.

Terminals delivered another strong quarter with higher volume by 4.3% and resilient earnings. Revenue increased by 6.7%, and revenue per move rose by 3.4%, reflecting improved rates, favourable foreign exchange rate impacts and terminal mix, partly offset by lower storage revenue. EBIT: USD 436m, up from USD 394m in the previous quarter. Was USD 321m in Q4 2025.

Maersk CEO Vincent Clerc 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. In this environment our disciplined focus on cost management contributes to resilient performance. At the same time, our flexible Ocean network continues to prove its value as a true gamechanger, lowering our Ocean unit cost by 7% even as the Middle East conflict disrupted supply chains.

“We also continue to see profitability momentum in Terminals and most parts of Logistics & Services. This performance strengthens our competitiveness and our ability to support customers reliably through continued uncertainty in the global environment,” Mr Clerc said.

Maersk maintains its full-year 2026 financial guidance for underlying EBITDA of USD 4.5bn-7.0bn, and EBIT of -1.5bn-1.0 bn. The expected global container market volume growth is maintained at between 2% and 4%, and Maersk expects to grow in line with the market.

“The range … reflects industry overcapacity from new vessel deliveries and different scenarios on the timing of the reopening of the Red Sea and Strait of Hormuz in 2026,” the company said.