Maersk reports lower first-quarter EBIT amid continued pressure on freight rates

A.P. Moller – Maersk reported first-quarter earning before interest and taxes (EBIT) of US$340 million as continued pressure on freight rates offset strong volume growth across its ocean, logistics and services, and terminals businesses.

The company said ocean volumes increased 9.3 per cent in the quarter, while logistics and services revenue rose 8.7 per cent and terminals volumes climbed 4.3 per cent.

Despite the gains, Maersk said lower freight rates weighed on results as global shipping markets continued to face industry oversupply and geopolitical uncertainty.

“We’ve seen strong demand across most regions this quarter, supporting robust volume growth in our three business segments,” said Vincent Clerc, chief executive officer at Maersk. “In ocean in particular, market volatility remains high and industry oversupply continues to put pressure on rates.”

The company said earnings before interest, taxes, depreciation and amortization (EBITDA) totalled US$1.8 billion, down from US$2.7 billion a year earlier, while the EBIT margin came in at 2.6 per cent, improving from the previous quarter but declining year over year.

Maersk said the conflict in the Middle East had limited impact on its first-quarter financial performance, noting its flexible ocean network helped reduce disruptions and lower ocean unit costs by seven per cent.

Ocean posted an EBIT loss of US$192 million during the quarter. Logistics and services reported EBIT of US$173 million, while terminals earned US$436 million.

Maersk maintained its full-year guidance and said it expects global container market volumes to grow between two and four per cent in 2026.