Danish shipping company Maersk has maintained its full-year outlook for 2026 even as it reported a steep decline in first-quarter profits and warned of ongoing uncertainty linked to the conflict in the Middle East and disruptions in key global shipping lanes.
For the January to March period, Maersk posted a net profit of $100 million (€85 million), a sharp fall from the same period last year when earnings were significantly stronger due to high freight demand. Revenue declined by 2.6% to just under $13 billion (€11 billion), while earnings per share dropped to $4 from $74 a year earlier.
The company said weaker freight rates in its Ocean division were the main factor behind the earnings decline. Although container volumes increased by 9.3% across its operations, this was not enough to offset the fall in pricing power across global shipping markets.
Maersk noted that the Middle East conflict, which began in February 2026, had not materially impacted first-quarter results but had added uncertainty to future trading conditions. It highlighted that traffic through the Strait of Hormuz remains heavily restricted, contributing to weaker sentiment in global trade.
Despite these challenges, global container demand rose between 3% and 5% during the quarter, driven by steady activity across major regions. Chief executive Vincent Clerc said demand had remained resilient, though he acknowledged that volatility in ocean freight markets continues to pressure earnings due to excess shipping capacity.
The company reiterated its forecast for full-year container demand growth of 2% to 4%, broadly in line with market expectations. However, it warned that oversupply from new vessel deliveries and uncertainty over the reopening of key routes, including the Red Sea and Strait of Hormuz, could continue to weigh on the sector.
Following the results, Maersk shares fell 4% on the Nasdaq Copenhagen exchange.
The wider shipping industry is also facing sustained disruption linked to the conflict. More than 1,500 vessels are currently reported to be stranded in the Persian Gulf, with around 22,500 crew members affected. Cargo delays involving oil, fuel products and fertilisers have added further strain to global supply chains.
Rising risk levels have pushed insurance premiums sharply higher for ships operating in the region, increasing costs for carriers already dealing with elevated fuel prices. German shipping company Hapag-Lloyd has estimated that the disruption around the Strait of Hormuz is costing it approximately $60 million per week.
Analysts say even if shipping routes reopen in the near term, normalisation is unlikely to be immediate. Market participants, including refiners and commodity traders, are expected to remain cautious until there is clearer evidence that geopolitical risks have eased and trade flows can stabilise.
