AP Moller Maersk reported an EBIT loss of US$192 million in the first quarter of 2026 for its ocean business, or container shipping, driven by continued market pressure on freight rates, reports the UK's Seatrade Maritime News.

The loss compared to a $743 million profit in the same period of 2025. Revenues fell to $6.67 billion from $7.58 billion a year earlier. Average loaded freight rates per FEU dropped 14 percent to $2,081.

CEO Vincent Clerc stated that strong demand supported robust volume growth across business segments, but volatility and oversupply continued to weigh on rates. The line handled 3.2 million loaded FEU in Q1 2026, up nine percent from 2.93 million a year earlier, with utilization rising to 96 percent from 92 percent.

Maersk indicated that the Middle East conflict had no material financial impact in the quarter, though it warned of downside risks from higher energy prices and trade constraints in the Upper Gulf region.

At the group level, Maersk reported an EBIT of $340 million in Q1 2026, down from $1.25 billion a year earlier. APM Terminals posted an 11 percent EBIT increase to $436 million, while logistics EBIT rose 22 percent to $173 million.

Mr. Clerc noted that profitability momentum in Terminals and Logistics strengthened competitiveness and customer support. Maersk forecast global container market growth of 2 percent in 2026, with underlying EBIT ranging from negative $1.5 billion to a positive $1 billion, reflecting industry overcapacity and uncertainty over the reopening of the Red Sea and Strait of Hormuz.