Despite declining results, the Danish shipping company Maersk started the year with sales growth.
Turnover grew by 7.8% to 13.3 billion dollars. This was due to profitable maritime traffic, operational improvements in the Logistics & Services division and higher volumes in the terminal segment.
EBIT increased by $177 million to a total of $1.3 billion. The results were “lower than expected” compared to the previous quarter, but represent a good start to the year. Despite the uncertain market situation and a cautious outlook for growth in container shipping, Maersk is sticking to its financial forecast.
Maersk CEO: “We have achieved strong results”
“We have achieved strong results compared to the same quarter last year, driven by increased operational efficiency and a well-positioned global economy in the first three months,” said Vincent Clerk, CEO of the shipping company. “With escalating trade tensions and increasing uncertainty, global supply chains are once again in focus. We are pleased to be able to provide our customers with the full strength of our product offering. From the most reliable ocean network to one of the best logistics and customs support teams, we are committed to helping them make the best decisions for their business. At the same time, we are stepping up our ongoing work on automation and cost management to ensure we are ready for the future. These efforts give us the confidence to deliver a result in line with the guidance we communicated in February.”
The Ocean division reported improved profitability compared to the same quarter last year due to higher rates and stable volumes with EBIT of $743 million, while the sequential decline was as expected. Capacity utilization remained high and costs remained stable thanks to the continued strong focus on optimization. “The new East-West network launched in February is on track to achieve its reliability and cost efficiency targets once fully operational,” the shipping company announced. The network is operated jointly with the Hamburg-based shipping company Hapag-Lloyd as part of the Gemini alliance.
The EBIT margin in the Logistics & Services division improved compared to the first quarter of the previous year, reaching 4.1%, which Maersk said was due to various products and the continued focus on costs and productivity. Revenue from freight management services increased by 18% compared to the same quarter last year, mainly driven by project logistics. Ongoing operational improvements in the fulfillment area also made a significant contribution, according to the statement.
“Outstanding development” in the terminal segment
The terminal segment is currently experiencing “excellent development”, the shipping company continued. Turnover and warehouse revenues have increased, while costs remain “under control” thanks to automation and improved capacity utilization. The return on invested capital (ROIC) rose to 14.5%.
In view of this positive start to the year, Maersk is sticking to its forecast for the full year 2025. The shipping company is targeting adjusted EBITDA of USD 6 to 9 billion, adjusted EBIT of USD 0 to 3 billion and free cash flow of at least USD -3 billion. Growth in the global container market volume has been revised to -1% to 4% in view of the increasing macroeconomic and geopolitical uncertainty.
The disruptions in the Red Sea – caused by Houthi attacks – will “continue until the end of the year”, according to the shipping company’s assessment. Just yesterday, US President Trump announced that he had negotiated a ceasefire with the militia and claimed that the Houthi had “surrendered”. (JW)
