A.P. Moller-Maersk has presented the results for the first quarter of 2026, a period marked by volume growth in all three divisions of the group —Ocean, Logistics & Services, and Terminals— but also by the persistent downward pressure on maritime freight rates, caused by excess capacity in the global container fleet. Consolidated revenue stood at 12.970 billion dollars, 2.6% lower than the 13.321 billion in the first quarter of 2025, while operating profit (EBIT) fell to 340 million dollars, compared to the 1.253 billion a year earlier. EBITDA fell to 1.753 billion dollars from 2.710 billion dollars in the comparable period.
Maersk's CEO, Vincent Clerc, stated that the company has recorded solid demand in most regions, which has supported robust volume growth in the three business segments. Clerc emphasized that the flexible network of the ocean division continues to demonstrate its value, having allowed for a 7% reduction in unit costs even with the disruptions caused by the conflict in the Middle East.
The Ocean division, which accounts for the bulk of Maersk's activity, experienced a 9.3% increase in loaded volumes, reaching 3.2 million FFE (forty-foot equivalent units), primarily driven by Asian exports. However, the average freight rate per container fell by 14%, down to 2,081 dollars per FFE compared to 2,427 dollars in the first quarter of 2025. This decline in rates, caused by industry overcapacity —the global nominal fleet was 6.3% larger than a year earlier— dragged the division's revenues down by 8.2% to 8.178 billion dollars and took EBIT into negative territory, with an operating loss of 192 million dollars compared to a profit of 743 million a year earlier. Operating costs remained stable at 7 billion dollars thanks to a 16% reduction in the average price of bunker fuel and a 5.3% improvement in fuel consumption, while the fleet utilization rate reached 96%, compared to 92% in the comparable period.
The Logistics & Services segment recorded its eighth consecutive quarter of year-on-year improvement in the EBIT margin, which rose to 4.6% from 4.1% a year earlier. Revenues for this division grew by 8.7%, reaching 3.793 billion dollars, with widespread improvements across all service lines: land transport activity (Transported by Maersk) increased by 10%, warehousing and distribution (Fulfilled by Maersk) increased by 8.3%, and supply chain management (Managed by Maersk) increased by 6.1%. Air cargo volumes surged by 20% year-on-year. The EBIT of the division reached 173 million dollars, 22% more than the 142 million in the first quarter of 2025.
