Despite higher volumes, Maersk started 2026 with declining sales and a significantly weaker result. The Copenhagen-based shipping and logistics group’s revenue fell by 2.6% to $12.97 billion in the first quarter (Q1 2025: $13.32 billion).
The main reason for the decline was lower freight rates in the ocean business. At $1.75 billion, EBITDA was significantly below the previous year’s figure (Q1 2025: $2.71 billion), but above market expectations.
EBIT also fell significantly: after $1.25 billion in the same quarter of the previous year, Maersk generated $340 million in the first three months of the current year. The net result fell to around $100 million (Q1 2025: $1.21 billion).
Maersk CEO: “Market volatility in the Ocean segment remains high”
“This quarter, we have seen strong demand in most regions, which has supported robust volume growth in our three business segments,” emphasized Maersk CEO Vincent Clerc in a video statement. However, market volatility remains high, particularly in the ocean segment. The oversupply in the industry continues to put pressure on rates.
Sales in the Ocean segment fell to $8.17 billion, around $730 million below the previous year’s figure. EBIT turned from $743 million in the first quarter of 2025 to -$192 million. At the same time, volumes increased by 9.3%. Capacity utilization reached 96%. According to Maersk, unit costs in the Ocean business were reduced by 7%, although the conflict in the Middle East had a negative impact on supply chains.
Logistics and terminal division grows
In contrast, business developed positively in the Logistics & Services and Terminals segments. Both areas achieved higher sales and results, but were unable to compensate for the decline in the Ocean business.
Handling volumes in the Terminals segment increased by 4.3%. Maersk also reported volume growth in all business areas. According to the company, this development was driven by robust demand in many regions.
Forecast remains unchanged
Maersk is maintaining its forecast for the full year 2026. The Group continues to expect the global container market to grow by 2% to 4% and expects to grow in line with the market itself. Underlying EBITDA is expected to be between $4.5 billion and $7.0 billion in 2026. For EBIT, Maersk expects a range of -$1.5 billion to +$1.0 billion. Free cash flow is expected to be at least -$3.0 billion. According to the Group, the forecast continues to be affected by ongoing overcapacities as well as uncertainty surrounding a possible reopening of the Red Sea and the situation in the Strait of Hormuz.
