Maersk profit plunges as freight rates weaken; company keeps 2026 outlook despite Hormuz disruption

Danish shipping giant Maersk reported a sharp drop in first-quarter profit on Thursday but said it would maintain its full-year guidance, even as the war in the Middle East and continuing disruptions around the Strait of Hormuz add fresh uncertainty to global trade.

Net profit for January to March fell to $100 million (€85 million), roughly 12 times lower than the same period a year earlier, when the business benefited from exceptionally strong demand for sea freight. Revenue slipped 2.6% to just under $13 billion (€11 billion), while earnings per share tumbled to $4 from $74 in the prior-year quarter.

Maersk said the principal drag on results was weaker freight rates in its Ocean division, although an overall 9.3% increase in volumes across the group's businesses partly offset the decline. The company noted that global container demand rose by an estimated 3% to 5% in the quarter.

Chief executive Vincent Clerc said demand remained resilient across most regions and supported robust volume growth in the group's three business segments. Yet he warned that volatility in ocean freight was high and that excess shipping capacity from new vessel deliveries continued to pressure rates.

The company said the conflict in the Middle East, which began on 28 February 2026, had only a limited direct impact on first-quarter results but added an additional layer of uncertainty to the outlook. Maersk reported that traffic through the Strait of Hormuz remained at a near standstill and that weaker sentiment had weighed on consumer confidence.

Despite that, Maersk left its full-year guidance unchanged, continuing to expect global container demand to grow by 2% to 4% in 2026 broadly in line with wider market forecasts. The firm cautioned, however, that the industry faces an oversupply risk from new vessel deliveries and uncertainty around when key shipping routes through the Red Sea and the Strait of Hormuz might fully reopen.

The wider shipping sector is feeling the strain. Hundreds of vessels remained stranded in the Persian Gulf more than two months into the Iran conflict, disrupting trade flows and raising costs. Delayed cargoes include crude oil, refined products and fertiliser, and thousands of seafarers are reportedly stuck aboard ships unable to move freely. U.S. military estimates put more than 1,550 vessels carrying roughly 22,500 mariners inside the Persian Gulf.

Insurance premiums for ships operating in the region have surged because of the heightened threat of attack, adding to pressure on operators already contending with rising fuel costs. German shipping group Hapag-Lloyd said disruption around the Strait of Hormuz was costing the company around $60 million (€51 million) a week, largely driven by higher fuel and insurance bills.

Analysts warn that even if the Strait reopens soon, markets are unlikely to snap back immediately. Kaho Yu, head of energy and resources at Verisk Maplecroft, said refiners, shippers and commodity traders would remain cautious until there is clear evidence the threat of renewed disruption has passed. Energy markets are unlikely to return quickly to pre-crisis assumptions, he said.

Maersk's shares fell about 4% on Nasdaq Copenhagen by 10:30 CET on Thursday, reflecting investor concern over the profit slide and the uncertain operating environment. For now, Maersk is leaning on volume growth and its diversified logistics footprint while warning that rate recovery could be slow amid industry oversupply and geopolitical uncertainty.