Danish shipping conglomerate Maersk reported a dramatic drop in first-quarter earnings on Thursday, with net profit tumbling to $100m (€85m) from $1.2bn a year earlier, as weaker freight rates in its core Ocean division outweighed a 9.3% increase in container volumes. Revenue slipped 2.6% to just under $13bn (€11bn), and earnings per share fell to $4 from $74 in the same period of 2025.
The Copenhagen-based company said the conflict in the Middle East, which escalated on 28 February 2026, had only a limited direct impact on the first-quarter results but warned it had introduced fresh uncertainty to the global outlook. Traffic through the Strait of Hormuz remains “at a near standstill,” Maersk noted, while weaker sentiment has weighed on consumer confidence. The company maintained its full-year guidance, still expecting global container demand to grow by 2% to 4% in 2026, broadly in line with the wider market.
Ocean freight under pressure
Chief executive Vincent Clerc said demand had remained resilient across most regions, supporting robust volume growth in all three business segments. However, he cautioned that volatility remains high in ocean freight, with excess shipping capacity continuing to put pressure on rates. The industry faces oversupply from new vessel deliveries, alongside uncertainty over when key routes through the Red Sea and the Strait of Hormuz may fully reopen.
Maersk’s share price lost 4% on Nasdaq Copenhagen in Denmark by 10h30 CET. The wider shipping sector is grappling with disruption: hundreds of vessels remain stranded in the Persian Gulf more than two months into the Iran conflict, driving up costs and disrupting trade flows. Cargoes delayed include crude oil, refined products and fertiliser, while thousands of seafarers remain aboard ships unable to move freely. According to US military estimates, more than 1,550 vessels carrying around 22,500 mariners are inside the Persian Gulf.
Insurance premiums for ships operating in the region have surged sharply because of the threat of attack, adding to pressure on operators already facing rising fuel costs. German shipping group Hapag-Lloyd said disruption around Hormuz is costing it around $60mn (€51mn) a week, driven largely by higher fuel and insurance bills. Analysts warn that even if the Strait reopens soon, markets are unlikely to return quickly to normal. Kaho Yu, head of energy and resources at Verisk Maplecroft, said refiners, shippers and commodity traders would remain cautious until there is clear evidence that the threat of renewed disruption has passed.
The uncertainty around Hormuz has broader implications for European trade and energy security. A French carrier group has moved south of Suez for a potential mission in the region, while European banks are feeling the strain: HSBC’s profit slipped on Iran war charges, contrasting with UniCredit’s surge. The conflict has also driven up fuel costs for airlines, with Lufthansa warning that Iran war fuel costs will hit annual profit despite record revenue.
Maersk’s results underscore the fragile state of global shipping as it navigates both cyclical headwinds and geopolitical shocks. The company’s decision to hold its forecast suggests management sees the current disruption as manageable, but the risks remain elevated. For European businesses reliant on just-in-time supply chains, the prolonged closure of the Strait of Hormuz could yet trigger more severe disruptions.
