FILE PHOTO: Container vessel Maersk Hangzhou sails in the Wielingen channel, Westerschelde, Netherlands, July 15, 2018. Rene van Quekelberghe/Handout via REUTERS/File Photo
A.P. Moller – Maersk reported solid first-quarter 2026 results on Thursday, posting strong volume growth across all business segments despite continued pressure on container freight rates and ongoing geopolitical volatility.
The Danish shipping and logistics giant reported underlying EBITDA of $1.8 billion and EBIT of $340 million for the quarter, as higher volumes and operational efficiencies helped offset weaker freight rates in an oversupplied container shipping market.
Ocean volumes rose 9.3% year-over-year, outperforming the broader container market, while Logistics & Services revenue increased 8.7% and terminal volumes climbed 4.3%. Maersk said operational improvements and disciplined cost management continued to support profitability across the group.
“We’ve seen strong demand across most regions this quarter, supporting robust volume growth in our three business segments,” CEO Vincent Clerc said in the earnings release. “In Ocean in particular, market volatility remains high and industry oversupply continues to put pressure on rates.”
The company said its flexible Ocean network helped lower unit costs by 7% during the quarter even as conflict in the Middle East continued to disrupt global supply chains. Maersk added that its exposure to the region remained manageable due to the relatively limited Middle East exposure within its Logistics & Services and Terminals businesses.
Ocean EBIT came in at negative $192 million as freight rates remained under pressure from excess vessel capacity entering the market, though Maersk highlighted stable operating costs and high asset utilization of 96%. Meanwhile, Logistics & Services posted EBIT of $173 million, marking the eighth consecutive quarter of year-over-year margin improvement, driven by stronger performance in air freight and middle-mile operations.
Terminals remained a bright spot for the group, delivering EBIT of $436 million as revenue per move improved alongside continued expansion investments in Brazil, Mexico, Vietnam, Saudi Arabia, and Germany.
During the quarter, Maersk also ordered eight new 18,600 TEU dual-fuel containerships for delivery between 2029 and 2030 as part of its ongoing fleet renewal strategy.
Looking ahead, Maersk maintained its full-year 2026 guidance and continues to expect global container market growth of between 2% and 4%. The company said uncertainty surrounding the timing of any reopening of the Red Sea and Strait of Hormuz remains a key variable for the industry outlook.
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A CMA CGM container ship was attacked while transiting the Strait of Hormuz, injuring crew members and damaging the vessel, while another vessel run by the French group exited the Gulf, as the U.S.-Iran conflict continued to disrupt shipping traffic.
At the UAE port of Fujairah, conveyor belts offloaded grain from bulk carriers on Wednesday, while crude oil flowed through pipes and onto tankers berthed along its quay.
Despite the continuing deterioration in rates, ocean shippers are being advised to avoid the spot market and stick to their allocation with carriers.
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