Maersk delivered solid Q1 2026 results with strong volume growth across all segments, supported by operational improvements and cost discipline despite continued market volatility.
Maersk delivered solid Q1 performance across its business segments: the Ocean division outperformed the broader market with a 9.3% volume growth; Logistics & Services achieved an 8.7% revenue increase alongside steady margin improvement; Terminals recorded a 4.3% volume rise and carried out substantial expansion investments. The company keeps executing its USD 1.0 billion share buy-back programme. Looking ahead, global container market volume is projected to grow by 2-4% in 2026, and Maersk has maintained its full-year financial guidance unchanged.
Business segment highlights
Ocean
Ocean demonstrated robust operational delivery with significant loaded volume growth of 9.3% and high asset utilisation of 96%. Stable operating costs, supported by efficiency efforts and reduced bunker costs, partly offset the continued loaded freight rates pressure exerted by industry oversupply.
EBIT: USD -192m, down from USD 743m in the previous quarter. Was USD -153 in Q4 2025.
Logistics & Services
Logistics & Services’ performance continued to improve with revenue up by 8.7% and year-on-year EBIT margin improvement for the 8th consecutive quarter. The increase was mainly driven by improved performance within products such as Air and Middle Mile, continued cost discipline and structural efficiencies across the portfolio.
EBIT: USD 173m, up from USD 142m in the previous quarter. Was USD 194m in Q4 2025.
Terminals
Terminals delivered another strong quarter with higher volume by 4.3% and resilient earnings. Revenue increased by 6.7%, and revenue per move rose by 3.4%, reflecting improved rates, favourable foreign exchange rate impacts and terminal mix, partly offset by lower storage revenue.
EBIT: USD 436m, up from USD 394m in the previous quarter. Was USD 321m in Q4 2025.
Investments
In Q1 2026, Maersk ordered eight large vessels for delivery in 2029–2030 in line with its fleet renewal strategy. These 18,600 TEU ships have dual-fuel engines for conventional or liquefied gas use, enabling flexible deployment across Maersk’s network. Logistics & Services advanced its modernisation and automation at global warehouses further improving efficiency and inaugurated World Gateway II, a 1.1 million sq ft facility in Singapore, boosting Maersk’s Asia-Pacific logistics capacity. Terminals advanced several strategic growth and expansion projects. APM Terminals Suape in Brazil neared completion of its USD 350m construction, while APM Terminals became a 49% minority shareholder and operator with Hateco Group in Hai Phong, Vietnam. Phase II at Lázaro Cárdenas in Mexico was inaugurated, and Phase III construction began, supported by another USD 350m investment. At Saudi Arabia’s Jeddah Islamic Port, APM Terminals will acquire a minority stake while DP World maintains operational control. In Germany, APM Terminals and Eurogate also agreed to invest EUR 1bn to modernise and expand North Sea Terminal Bremerhaven’s capacity from 3m to 4m TEU.
