A.P. Moller – Maersk posted a sharp increase in profitability in the first quarter of 2025, with EBIT soaring to USD 1.3 billion from USD 177 million a year earlier, and capital expenditure more than doubling year-on-year to USD 1.4 billion. Despite ongoing disruptions in the Red Sea and a weaker global outlook, the Danish shipping and logistics giant maintained its full-year guidance and continued investing heavily in its Ocean operations.
The group reported consolidated revenue of USD 13.3 billion, up 7.8% from Q1 2024, while free cash flow rebounded from a negative USD 151 million to a positive USD 806 million, driven by higher profits across all business segments.
Ocean remained Maersk’s core earnings engine. The segment posted an EBIT of USD 743 million, a dramatic turnaround from a USD 161 million loss a year earlier. Maersk credited improved freight rates, stable volumes, and operational efficiency. Though rates fell sequentially, as expected, the cost base remained stable due to lower bunker prices and efficiency measures.
Utilisation reached 92%, and Maersk’s new East-West Gemini network—developed with Hapag-Lloyd—was reportedly on track to meet its reliability and cost-saving goals.
CEO Vincent Clerc attributed the results to strong internal performance and a favourable macro environment early in the year:
“We delivered strong results compared to the same quarter last year, driven by momentum in our operational efficiency and a global economy in good shape for the first three months. With trade tensions flaring up and uncertainty on the rise, global supply chains are once again in the spotlight. We are happy to be able to put the full strength of our product offering at our customers’ disposal. From the most reliable Ocean network to one of the best lead logistics and customs support teams, we are pulling every lever to help them make the best decisions for their business. At the same time, we are doubling down on the work underway on automation and cost management to remain fit for what lies ahead.”
In the Logistics & Services segment, EBIT more than doubled to USD 142 million, with the margin rising to 4.1%, supported by productivity improvements across warehousing, customs, and middle-mile services. Revenue remained flat at USD 3.5 billion, as portfolio trimming in North America offset gains in other areas such as Project Logistics.
Maersk’s Terminals business also performed strongly, achieving USD 394 million in EBIT, up 31% year-on-year. Higher volumes, storage revenue, and utilisation (up from 70% to 79%) all contributed to the result. Return on invested capital over the past twelve months for the segment climbed to 14.5%.
Despite the strong results, Maersk issued a more cautious view on the global container market. It now expects volume growth between -1% and 4%, compared to earlier estimates, citing elevated macroeconomic and geopolitical risks. The Red Sea disruption is expected to persist through the rest of 2025.
Nonetheless, the company maintained its 2025 guidance for:
- Underlying EBITDA: USD 6–9 billion
- Underlying EBIT: USD 0–3 billion
- Free cash flow: At least negative USD 3 billion
In a strategic move, Maersk also finalised the acquisition of the Panama Canal Railway Company, which will now be integrated into its Ocean network to boost intermodal connectivity across the Americas.
