The Danish shipping and logistics group reported revenue of USD 13.0 billion for Q1 2026, down 2.6% year on year. EBITDA fell to USD 1.8 billion from USD 2.7 billion, while EBIT dropped to USD 340 million from USD 1.3 billion.
Maersk said the result reflected a market where volumes were still growing, but Ocean rates remained much weaker than a year earlier. The Middle East conflict had only a limited effect on realised financial results in the quarter, although the company warned that uncertainty remains high for the rest of the year.
Ocean volumes rise, but rates drag earnings down
The clearest pressure point was Ocean. Maersk’s loaded volumes increased by 9.3% year on year to 3.2 million FFE, driven by Asian exports. Asset utilisation was also high, reaching 96%. However, the average loaded freight rate fell by 14% to USD 2,081 per FFE. That decline outweighed the benefit of higher volumes and pushed Ocean to an EBIT loss of USD 192 million. A year earlier, the segment had reported EBIT of USD 743 million.
Ocean revenue fell to USD 8.2 billion from USD 8.9 billion, mainly because freight revenue declined. Maersk said continued capacity oversupply kept pressure on rates during the quarter, although rates increased towards the end of March after the outbreak of the Middle East conflict.
The company partly offset the rate pressure through lower bunker costs, high vessel utilisation and efficiency gains. Bunker costs fell by 15% year on year, while bunker consumption dropped by 5.3% despite the increase in volumes. Maersk also said unit cost at fixed energy fell by 7.1%, supported by better asset use and benefits from the Gemini Cooperation.
Chief executive Vincent Clerc said Maersk had delivered “strong volume growth across all segments” in a volatile market, with demand supported by exports from China. He added that the company’s modular Ocean network had helped reduce unit costs while maintaining service quality during disruption.
Middle East disruption has not hit Q1 results hard
Maersk said the conflict in the Middle East had a limited impact on demand and financial performance in the first quarter. The company noted that Logistics & Services and Terminals have relatively low exposure to the region, while Ocean was able to use network flexibility to limit disruption.
The report still shows why the situation could become more difficult later in the year. Maersk said the conflict, which began on 28 February 2026, had led to the closure of the Strait of Hormuz. Traffic through the strait remained at a near-standstill at the end of the quarter.
In response, Maersk made targeted network adjustments, including suspending sailings through Hormuz and Suez and restricting bookings in affected areas. The company said it offered alternative routings and interim storage, with special attention given to cargo containing food, medicine and perishables.
Those changes are expected to raise costs, especially as fuel prices have also increased. Maersk said it is working to recover the additional cost through commercial measures.
The wider macroeconomic picture has also become less stable. Maersk said Brent crude averaged USD 98 per barrel in March and USD 101 per barrel in April, compared with around USD 67 in January and February. Higher energy prices and constraints on trade in the Upper Gulf region are now among the main downside risks for 2026.
Logistics improves, helped by transport and fulfilment
Outside Ocean, Maersk’s logistics business performed better. Logistics & Services revenue rose by 8.7% year on year to USD 3.8 billion, while EBIT increased to USD 173 million from USD 142 million.
The EBIT margin improved to 4.6%, up from 4.1% a year earlier. Maersk said this was the eighth consecutive quarter of year-on-year margin improvement in Logistics & Services.
The strongest gains came from Fulfilled by Maersk and Transported by Maersk. Fulfilled by Maersk grew mainly through warehousing, depot and last-mile activity, while Transported by Maersk benefited from stronger First Mile performance. Air freight volumes also rose by 20% year on year, helped by improved transatlantic charter activity.
Maersk said the improvement reflected better operating leverage, product mix, structural efficiencies and cost discipline.
Terminals delivers another profitable quarter
Terminals also grew in Q1. Revenue increased by 6.7% to USD 1.3 billion, while EBIT rose by 11% to USD 436 million. The EBIT margin improved to 33.2%.
Volumes were up 4.3%, supported mainly by growth in North America. Maersk said revenue per move increased because of better rates, foreign exchange effects and terminal mix, partly offset by lower storage revenue.
The company also continued to invest in terminals. During the quarter, APM Terminals progressed projects in Brazil, Mexico, Vietnam, Germany and Saudi Arabia, including the planned EUR 1 billion modernisation of the North Sea Terminal Bremerhaven with Eurogate.
Guidance held, but range remains wide
Maersk maintained its full-year 2026 guidance. The company continues to expect underlying EBITDA of USD 4.5 billion to USD 7.0 billion and underlying EBIT between a loss of USD 1.5 billion and a profit of USD 1.0 billion.
It also kept its forecast for global container market volume growth at 2% to 4%, with Maersk expecting to grow in line with the market.
The wide guidance range reflects two major uncertainties: industry overcapacity from new vessel deliveries, and different scenarios for the reopening of the Red Sea and the Strait of Hormuz during 2026.
Maersk said container demand is still expected to grow this year, supported by exports from Far East Asia. However, it also warned that the balance of risks is on the downside, with higher energy prices and disruption to trade in the Upper Gulf region putting pressure on the outlook.
