On May 7, A.P. Moller – Maersk A/S announced its first-quarter 2026 financial results. Benefiting from strong volume growth across all businesses, continuous operational improvements, and effective cost control, the company achieved an EBIT of USD 340 million (approximately RMB 2.314 billion) in the first quarter.
Against a backdrop of highly volatile geopolitical conditions, container trade demand further increased in the first quarter of 2026, driven by robust Chinese exports, which accelerated compared to the previous quarter. The outbreak of the Middle East conflict had a limited impact on demand and financial performance in the quarter. The limited scale of the logistics and terminal businesses in the Middle East, combined with the flexibility provided by Maersk’s modular ocean network, mitigated the impact of the regional conflict on volumes and service quality. Overall, Maersk is well-positioned to respond, and its financial performance has not been materially affected.
Maersk continued to capitalize on demand growth opportunities, with volumes increasing in the quarter, though freight rates remained under pressure. Despite gaining market share in the Ocean business, overall revenue was slightly lower than the same period last year due to lower loading rates. This impact was partially offset by revenue growth in the Logistics & Services and Terminals businesses.
In the first quarter, Maersk reported revenue of USD 12.970 billion (approximately RMB 88.261 billion), down from USD 13.321 billion in the same period last year; EBITDA of USD 1.753 billion (approximately RMB 11.929 billion), down from USD 2.710 billion last year; EBIT of USD 340 million, down from USD 1.253 billion last year; and an EBIT margin of 2.6%, an increase of 1.7 percentage points from 0.9% in the fourth quarter of 2025, but a year-on-year decrease of 6.8 percentage points.
Mr. Vincent Clerc, Chief Executive Officer of Maersk, said: “Demand remained strong in most regions during the quarter, supporting solid volume growth across our three business segments. In Ocean, market volatility remained high, with ongoing industry overcapacity putting pressure on freight rates. In this environment, our strict cost management helped the business demonstrate good resilience. At the same time, our flexible ocean network once again proved its ‘disruptive’ value – achieving a 7% reduction in unit costs despite supply chain disruptions caused by the Middle East conflict. Furthermore, our Terminals business and most of our Logistics & Services business continued their profitable momentum. The performance this quarter strengthens our competitiveness and our ability to support our customers stably and reliably in an uncertain global environment.”
In the first quarter, Maersk’s Ocean business operated steadily, with loaded volumes growing strongly by 9.3% year-on-year and asset utilization remaining high at 96%. Operating costs remained stable, supported by efficiency improvements and lower fuel costs, partially offsetting the ongoing freight rate pressure from industry overcapacity. The Ocean business generated revenue of USD 8.178 billion in the quarter, down from USD 8.910 billion in the same period last year; EBITDA was USD 903 million, down from USD 1.903 billion last year; EBIT was -USD 192 million, down from USD 743 million last year, compared to -USD 153 million in the fourth quarter of 2025.
The Logistics & Services business continued to improve, with revenue growing 8.7% year-on-year and the EBIT margin improving year-on-year for the eighth consecutive quarter. Growth was primarily driven by improved performance in products such as Air Freight and Middle Mile, ongoing cost control, and structural efficiency gains from the product mix. The Logistics & Services business generated revenue of USD 3.793 billion in the first quarter, up from USD 3.488 billion in the same period last year; EBITDA was USD 433 million, up from USD 383 million last year; EBIT was USD 173 million, an improvement from USD 142 million in the same period last year, compared to USD 194 million in the fourth quarter of 2025.
The Terminals business delivered another strong quarterly performance, with volumes growing 4.3% year-on-year and profitability remaining resilient. Revenue increased by 6.7%, and revenue per natural box increased by 3.4%. This performance was primarily driven by improved rates, favorable currency impacts, and terminal portfolio optimization, partially offset by lower storage revenue. The Terminals business generated revenue of USD 1.314 billion, up from USD 1.231 billion in the same period last year; EBITDA was USD 488 million, up from USD 444 million last year; EBIT was USD 436 million, up from USD 394 million last year, compared to USD 321 million in the fourth quarter of 2025.
As part of its fleet renewal strategy, Maersk ordered eight 18,600 TEU large container vessels in the first quarter of 2026, scheduled for delivery between 2029 and 2030. The vessels, to be built by New Times Shipbuilding, are equipped with dual-fuel engines capable of operating on conventional fuel or LNG, providing greater flexibility for fleet deployment.
The Logistics & Services business continues to advance the modernization and automation of its global warehousing facilities to further enhance operational efficiency. Recently, Maersk officially inaugurated the World Gateway II logistics facility in Singapore, spanning approximately 1.1 million square feet, significantly strengthening Maersk’s logistics capabilities in the Asia-Pacific region.
In the Terminals business, several strategic growth and expansion projects are progressing: APM Terminals’ USD 350 million construction project at the Port of Suape in Brazil is nearing completion; APM Terminals has partnered with Vietnam’s Hateco Group, acquiring a 49% minority stake and assuming the role of operator for the Haiphong terminal project; APM Terminals officially inaugurated Phase II of its project at the Port of Lázaro Cárdenas in Mexico, with a USD 350 million investment in Phase III construction subsequently launched; at the Jeddah Islamic Port in Saudi Arabia, APM Terminals will acquire a minority stake, with DP World retaining operational control; in Germany, APM Terminals and Eurogate have agreed to jointly invest EUR 1 billion in the modernization and expansion of the North Sea Terminal Bremerhaven, increasing its annual handling capacity from 3 million TEU to 4 million TEU.
Maersk’s full-year 2026 financial guidance remains unchanged, with expected underlying EBITDA of USD 4.5 to 7.0 billion, underlying EBIT of -USD 1.5 to 1.0 billion, and free cash flow of at least -USD 3.0 billion. Global container market volume growth is still expected to be 2%–4%, with Maersk growing in line with the market. The guidance range already considers the impact of industry overcapacity from new vessel deliveries and the uncertainty surrounding the timing of the reopening of the Red Sea and the Strait of Hormuz in 2026.
A.P. Moller – Maersk’s financial performance in 2026 is subject to uncertainties including macroeconomic conditions, fuel prices, and freight rates. All else being equal, the estimated impact of four core factors on profit is as follows:
