In an increasingly volatile geopolitical landscape, Maersk closes the first quarter of 2026 demonstrating resilience. Demand for container transport was driven primarily by China, whose export growth accelerated sharply compared to the end of 2025, offsetting uncertainties arising from the conflicts in the Middle East.
According to what was communicated by the group, the conflict in the Middle East had a limited impact on the company’s accounts. The low exposure of the “Logistics & Services” and “Terminals” segments in the area allowed the carrier to limit disruptions, protecting the group from significant financial repercussions.
The quarter was characterized by strong momentum in demand, but the market remains difficult. While transported volumes increased on the one hand, freight rates continue to remain under pressure on the other. Overall revenues were slightly lower compared to last year, precisely due to lower transport prices, only partially offset by the excellent performance of logistics and terminals.
Financial data reflect this pressure: EBITDA stood at 1.8 billion dollars (compared to 2.7 billion in Q1 2025), while EBIT fell to 340 million dollars. Although it improved compared to the last quarter of 2025 (rising to 2.6%), the operating margin still remains far from the levels recorded twelve months ago.
The Ocean segment recorded volume growth of 9.3% and almost total asset utilization (96%). However, the oversupply of ships in the sector crushed margins, bringing EBIT into negative territory at 192 million dollars.
The Logistics & Services segment was the one that delivered the best results. Revenue grew by 8.7% in the first quarter. Terminal activities also performed well, with revenues jumping 6.7% on a quarterly basis thanks to better tariffs and efficient management. EBIT in this sector amounted to 436 million dollars, up from 394 million in the previous quarter.
