Posted on May 12, 2026
Copenhagen, Denmark – A.P. Moller – Maersk A/S (OMX: MAERSK-B) delivered solid first quarter results with EBIT of USD 340m, driven by strong volume growth across all businesses, continuous operational improvements, and cost containment measures.
Executive Summary
- Ocean outperformed the market growing volumes by 9.3%
- Logistics & Services grew revenue by 8.7% while continuing to improve margins
- Terminals lifted volumes by 4.3% and made significant expansion investments
- Continued execution of the USD 1.0bn share buy-back programme
- Global container market volume expected to grow by 2-4% in 2026
- Maersk’s full-year guidance is maintained
We’ve seen strong demand across most regions this quarter, supporting robust volume growth in our three business segments. In Ocean in particular, market volatility remains high and industry oversupply continues to put pressure on rates. In this environment our disciplined focus on cost management contributes to resilient performance. At the same time, our flexible Ocean network continues to prove its value as a true gamechanger, lowering our Ocean unit cost by 7% even as the Middle East conflict disrupted supply chains. We also continue to see profitability momentum in Terminals and most parts of Logistics & Services. This performance strengthens our competitiveness and our ability to support customers reliably through continued uncertainty in the global environment.
Financial highlights
Against a volatile geopolitical environment, demand for container trade further increased in the first quarter of 2026, supported by robust export growth out of China, which accelerated relative to the previous quarter. The outbreak of the conflict in the Middle East had limited impact on demand and financial performance for the first quarter. Logistics & Services and Terminals have relatively low exposure to the Middle East. This together with the ability to leverage our modular Ocean network to limit disruptions to volume and service quality means Maersk is well-positioned to weather the challenges without material financial impact.
Maersk continued to harness the demand momentum, and results for the quarter were marked by increasing volumes while rates continued to be under pressure. Despite market share gains in Ocean, revenue was slightly below last year due to lower loaded freight rates. This was partially offset by increased revenue in Logistics & Services and Terminals. EBITDA stood at USD 1.8bn (USD 2.7bn) and EBIT at USD 340m (USD 1.3bn). The EBIT margin reached 2.6%, reflecting a 1.7 percentage point improvement from 0.9% in Q4 2025, but down by 6.8 percentage points year-on-year.
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.
Financial guidance
Maersk maintains its full-year 2026 financial guidance as per the table below. The expected global container market volume growth is maintained at between 2% and 4%, and Maersk expects to grow in line with the market. The range below reflects industry overcapacity from new vessel deliveries and different scenarios on the timing of the reopening of the Red Sea and Strait of Hormuz in 2026.
| Guidance 2026 | EBITDA Underlying |
EBIT Underlying |
Free cash flow (FCF) or higher | CAPEX guidance, maintained 2025-2026 |
CAPEX guidance 2026-2027 |
|---|---|---|---|---|---|
|
USDbn
|
4.5 – 7.0
|
-1.5 – 1.0
|
≥-3.0
|
10.0 – 11.0
|
10.0 – 11.0
|
Sensitivity guidance
Financial performance for A.P. Moller – Maersk for 2026 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2026 for four key assumptions are listed below:
| Factors | Change | Effect on EBIT (full year 2026) |
|---|---|---|
|
Container freight rate
|
+/- 100 USD/FFE
|
+/- USD 1.0bn
|
|
Container freight volume
|
+/- 100,000 FFE
|
+/- USD 0.01bn
|
|
Bunker price (net of expected FFF coverage)
|
+/- 100 USD/FOE tonne
|
+/- USD 0.2bn
|
|
Foreign exchange rate (net of hedges)
|
+/- 10% change in USD
|
+/- USD 0.2bn
|
Q1 2026 report available here.
About Maersk
A.P. Moller – Maersk is an integrated logistics company working to connect and simplify its customers’ supply chains. As a global leader in logistics services, the company operates in more than 130 countries and employs around 100,000 people. Maersk is aiming to reach net zero GHG emissions by 2040 across the entire business with new technologies, new vessels, and reduced GHG emissions fuels*.
