The clearest common pattern across Maersk, CMA CGM and Hapag-Lloyd is that, while container demand did not collapse in the first quarter of 2026, pressure instead came, instead, from lower per-box earnings, the cost of keeping networks reliable, and the operational disruption caused by the Middle East conflict.
Maersk reported first-quarter revenue of USD 13.0 billion, down 2.6% year on year. EBITDA fell to USD 1.8 billion and EBIT dropped to USD 340 million, as lower Ocean rates offset strong volume growth across the group. Maersk said the Middle East conflict had only a limited impact on realised financial results in the quarter.
The pressure was most visible in Ocean. Maersk’s loaded volumes rose 9.3% year on year and asset utilisation reached 96%, but loaded freight rates fell by 14%. The Ocean division recorded an EBIT loss of USD 192 million, compared with a positive EBIT of USD 743 million a year earlier.
CMA CGM showed a similar tension between volume and yield. The French group carried 5.93 million TEU in the first quarter, up 1.5% year on year. However, maritime revenue fell 8.5% to USD 8.02 billion as average revenue per TEU dropped 9.8% to USD 1,351. Maritime EBITDA fell 41.3% to USD 1.49 billion, while the maritime EBITDA margin narrowed from 28.9% to 18.6%.
Hapag-Lloyd’s volume performance was weaker. The German carrier transported 3.203 million TEU, slightly below the 3.225 million TEU reported a year earlier. Its average freight rate fell to USD 1,330 per TEU from USD 1,471 per TEU, reducing liner shipping revenue to USD 4.78 billion and pushing the segment to an EBIT loss of USD 174 million.
Source: Company Q1 2026 reports. Note: Maersk reports Ocean volume in FFE and loaded freight rate per FFE, while CMA CGM and Hapag-Lloyd report TEU-based figures. The chart compares year-on-year trends rather than absolute volumes or rates.
| Q1 2026 indicator | Maersk | CMA CGM | Hapag-Lloyd |
| Group revenue | USD 13.0bn | USD 13.2bn | USD 4.92bn |
| Revenue change | -2.6% | -0.2% | -7.5% |
| Group EBITDA | USD 1.8bn | USD 2.1bn | USD 0.49bn |
| Group EBITDA margin | 13.5% | 16.0% | 10.0% |
| Net result | USD 100m profit | USD 250m profit | USD 256m loss |
| Volume trend | +9.3% Ocean | +1.5% maritime | -0.7% liner |
| Rate/yield trend | Loaded rate -14% | Revenue/TEU -9.8% | Freight rate -9.6% |
| Core shipping signal | Ocean EBIT: -USD 192m | Maritime EBITDA -41.3% | Liner EBIT: -USD 174m |
Source: Maersk interim report Q1 2026; CMA CGM first-quarter 2026 financial results; Hapag-Lloyd Q1 2026 press release.
Maersk protects utilisation, but Ocean remains under pressure
Maersk’s figures show the trade-off between filling ships and protecting margins. The Danish group’s Ocean business handled significantly more cargo than a year earlier, supported by strong export demand from Asia. High utilisation helped operating efficiency, while lower bunker costs also provided some support. But the 14% fall in loaded freight rates outweighed the volume benefit.
As a result, Ocean remained in the red. The division’s USD 192 million EBIT loss shows that volume growth alone is not enough when oversupply keeps freight rates under pressure.
Maersk’s broader structure softened the impact. Logistics & Services and Terminals both remained profitable, giving the group more protection than a pure liner shipping business would have had. However, the first-quarter figures underline that Maersk’s core container shipping profitability is still exposed to the gap between strong cargo flows and weak pricing.
CMA CGM: stable revenue hides a sharp maritime margin fall
CMA CGM described its first-quarter performance as resilient, and at group level the revenue line supports that reading. Revenue was almost unchanged at USD 13.2 billion, compared with USD 13.26 billion a year earlier. But profitability weakened sharply: EBITDA fell 31.6% to USD 2.11 billion, while net income attributable to the group dropped from USD 1.12 billion to USD 250 million.
The maritime division explains most of the decline. CMA CGM carried slightly more cargo, but earned less per container. The group said average revenue per TEU fell by 9.8% year on year, while maritime EBITDA dropped from USD 2.53 billion to USD 1.49 billion.
The group’s diversification helped cushion the fall: logistics revenue rose 6.6% to USD 4.56 billion, although logistics EBITDA fell 17.2% and the margin slipped to 7.2%. CMA CGM said the logistics business was affected by pressure in freight management activities and ongoing challenges in the automotive sector.
The strongest improvement came from “other activities”, including terminals and air cargo. Revenue in this category rose 59.1% to USD 1.28 billion, while EBITDA increased 90% to USD 294 million. CMA CGM attributed the improvement mainly to terminal profitability, air cargo activities and newly consolidated operations.
Hapag-Lloyd posts the weakest result
Hapag-Lloyd’s first-quarter result was the clearest negative signal among the three carriers. The company itself called the performance “unsatisfactory”. Group revenue fell to USD 4.92 billion from USD 5.32 billion a year earlier. EBITDA dropped from USD 1.10 billion to USD 494 million, EBIT moved from a USD 487 million profit to a USD 157 million loss, and the group result swung from a USD 469 million profit to a USD 256 million loss.
In liner shipping, the carrier had very limited volume support. Transport volumes were almost unchanged, while the average freight rate fell by USD 141 per TEU. Segment EBITDA more than halved to USD 447 million, and liner shipping EBIT moved to a USD 174 million loss.
Hapag-Lloyd said lower freight rates, severe weather in Europe and North America, terminal disruption and the blockage of the Strait of Hormuz all weighed on performance. CEO Rolf Habben Jansen said weather-related supply chain disruption and freight-rate pressure had led to a clear fall in earnings, while the company would maintain strict cost management in a volatile market.
The Terminal & Infrastructure segment performed better, with revenue rising to USD 168 million and EBIT increasing slightly to USD 18 million. But the segment remained too small to offset the deterioration in liner shipping.
Middle East disruption is becoming a cost factor
The results also show that Middle East disruption is affecting carriers unevenly. For Maersk, the impact was still limited in Q1 financial terms. The company said the conflict required operational adjustments but had only a limited realised impact on the quarter. Its full-year guidance remains wide, reflecting overcapacity, volatile conditions and uncertainty over route disruption.
For CMA CGM and Hapag-Lloyd, the disruption was already more visible in the wording of the reports. CMA CGM said the escalation of tensions in the Middle East continues to affect shipping patterns and remains a key factor for market balance and operating costs, particularly through oil prices and freight-rate movements. The group also said it had implemented alternative multimodal corridors to maintain supply chain continuity to and from Gulf countries.
Hapag-Lloyd directly cited the blockage of the Strait of Hormuz as one of the factors disrupting cargo flows in the quarter. Its full-year forecast remains unchanged, but the company said the outlook is subject to considerable uncertainty because of volatile freight rates and the Middle East conflict.
