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Copenhagen, Denmark – A.P. Moller – Maersk delivered a mixed first quarter as strong volume growth across all three business segments failed to offset steep declines in ocean freight rates. The Danish logistics giant reported EBIT of USD 340m for Q1 2026, a sharp drop from USD 1.3bn in the same period last year, even as loaded ocean volumes surged 9.3% to 3.2 million FFE.
The results highlight a widening gap between operational performance and pricing power. While Maersk gained market share and maintained high asset utilisation at 96%, the average loaded freight rate fell 14% to 2,081 USD per FFE. Revenue slipped 2.6% to USD 13.0bn, pulled down by a USD 732m decline in the Ocean segment.
The Middle East conflict that erupted on 28 February 2026 had limited financial impact on the quarter according to the company, though the closure of the Strait of Hormuz and Suez prompted network adjustments. Maersk suspended sailings through both chokepoints, offered alternative routings, and restricted bookings in affected areas. Costs are expected to rise from these measures, and the company is working to recover them through commercial levers.
Ocean Business Swings to Loss as Terminals and Logistics Deliver Growth
The Ocean segment reported an EBIT loss of USD 192m, swinging from a USD 743m profit in Q1 2025. The deterioration came despite volume growth of 9.3% across all trades, led by Asian exports. East West volumes rose 9.2%, North South increased 8.0%, and intra regional trade grew 11.2%.
Bunker costs delivered 15% to USD 1.4bn, helped by a 16% drop in bunker prices to 486 USD per FOE tonne. Bunker efficiency improved 7.9% to 6.05 FOE kg per TEU day. The company also changed its accounting estimate for vessel useful lives from 20 to 25 years effective 1 January 2026, reducing depreciation expense by USD 176m in the quarter.
Logistics & Services provided a brighter spot. Revenue rose 8.7% to USD 3.8bn, while EBIT increased 22% to USD 173m. The EBIT margin improved to 4.6% from 4.1% a year earlier. Gross profit increased 10% to USD 1.2bn, driven by Warehousing and E Fulfillment, Air, and Middle Mile operations.
Terminals delivered its strongest performance among the three segments. Revenue increased 6.7% to USD 1.3bn, and EBIT rose 11% to USD 436m, yielding an EBIT margin of 33.2%. Volume grew 4.3% to 3.47 million moves, led by an 11% increase in North America. Revenue per move climbed 3.4% to USD 377.
Major Expansion Investments Underway Across Terminals and Fleet
Maersk placed an order for eight large vessels of 18,600 TEU each, scheduled for delivery between 2029 and 2030. The ships will feature dual fuel engines capable of running on conventional bunker fuel or liquefied gas.
Terminals advanced several large scale projects during the quarter. APM Terminals Suape in Brazil entered its final construction phase with USD 47m of equipment arriving on site. In Mexico, the company inaugurated Phase II expansion at Lázaro Cárdenas and immediately began Phase III construction backed by more than USD 350m in investment.
A strategic partnership with Eurogate will see EUR 1bn invested to modernise the North Sea Terminal Bremerhaven in Germany, increasing capacity from 3 million TEU to 4 million TEU. In Saudi Arabia, APM Terminals will acquire a 37.5% stake in Jeddah Islamic Port’s Southern Container Terminal while DP World retains operational control.
Full Year Guidance Maintained Despite Uncertainty
Maersk kept its full year 2026 financial guidance unchanged. Underlying EBITDA is expected between USD 4.5bn and USD 7.0bn, while underlying EBIT is forecast between a loss of USD 1.5bn and a profit of USD 1.0bn. Free cash flow is expected at or above a negative USD 3.0bn.
Global container market volume growth is still projected at 2% to 4%, and Maersk expects to grow in line with the market. The wide ranges reflect industry overcapacity from new vessel deliveries and different scenarios for the timing of the Red Sea and Strait of Hormuz reopening.
Free cash flow for the quarter stood at negative USD 874m, down from positive USD 806m a year earlier, due to lower operating cash flow and higher lease repayments. The company executed USD 147m of share buybacks under a USD 1bn programme announced in February 2026. A dividend of USD 11bn was paid on 30 March 2026.
