Copenhagen-based A.P. Moller — Maersk A/S (OMX: MAERSK-B) on 7 May 2026 reported solid first-quarter 2026 results, posting EBIT of USD 340m and EBITDA of USD 1.8bn, with volume growth across all three business segments. Chief Executive Vincent Clerc said the quarter combined sustained Ocean rate pressure with flexible network design that limited Middle East–related disruption. The EBIT margin reached 2.6%, an improvement of 1.7 percentage points from Q4 2025 although still down year on year.
In Ocean, loaded volumes grew 9.3% on 96% asset utilisation. Industry oversupply from new vessel deliveries continued to weigh on freight rates, while stable operating costs and lower bunker bills offset only part of that pressure. The segment posted an EBIT loss of USD 192m, deeper than the USD 153m loss recorded in Q4 2025. Maersk reiterated that a USD 100 per FFE swing in container freight rates would translate into a USD 1.0bn full-year EBIT impact.
Logistics & Services revenue rose 8.7%, with EBIT margin improving for the eighth consecutive quarter. Air and Middle Mile products drove the gain, lifting segment EBIT to USD 173m. Terminals added 4.3% in volumes and 6.7% in revenue, with revenue per move up 3.4%. Terminals delivered USD 436m of EBIT, the highest of the past three quarters, anchoring group profitability.
On the investment side Maersk in the first quarter ordered eight large 18,600 TEU dual-fuel vessels for delivery in 2029-2030, capable of running on conventional or liquefied gas. The group inaugurated World Gateway II, a 1.1 million sq ft logistics centre in Singapore, while APM Terminals Suape in Brazil neared completion of its USD 350m build-out and the operator signed a 49% partnership with Hateco Group in Hai Phong, Vietnam. Lázaro Cárdenas Phase II opened in Mexico, with another USD 350m committed for Phase III. In Germany, APM Terminals and Eurogate agreed a EUR 1bn investment to lift North Sea Terminal Bremerhaven capacity from 3m to 4m TEU. At Saudi Arabia's Jeddah Islamic Port APM Terminals will take a minority stake while DP World retains operational control.
Maersk maintained its full-year 2026 guidance: EBITDA of USD 4.5-7.0bn, underlying EBIT between USD -1.5bn and USD 1.0bn, and underlying free cash flow at or above USD -3.0bn. The container market is still expected to expand by 2-4% in 2026, with Maersk targeting in-line growth. The guidance range factors in industry overcapacity and a spread of scenarios around the reopening of the Red Sea and Strait of Hormuz. Management also confirmed the continued execution of the USD 1.0bn share buy-back programme.
Key Takeaways:
1. Maersk reported Q1 2026 EBIT of USD 340m and EBITDA of USD 1.8bn, with volume growth across all three business segments.
2. Ocean loaded volumes climbed 9.3% on 96% asset utilisation, but rate pressure produced a USD 192m EBIT loss for the segment.
3. Logistics & Services revenue rose 8.7% and Terminals revenue 6.7%, with both segments anchoring group profitability.
4. Maersk ordered eight 18,600 TEU dual-fuel vessels in the quarter and committed EUR 1bn with Eurogate at North Sea Terminal Bremerhaven.
5. Full-year 2026 guidance was maintained at USD 4.5-7.0bn EBITDA, with Red Sea and Strait of Hormuz reopening scenarios baked into the range.
