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 per cent to $2,081.

CEO Vincent Clerc said 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 per cent from 2.93 million a year earlier, with utilisation rising to 96 per cent from 92 per cent.

Maersk said 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 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 per cent EBIT increase to $436 million, while logistics EBIT rose 22 per cent to $S173 million.

Mr Clerc said profitability momentum in Terminals and Logistics strengthened competitiveness and customer support. Maersk forecast global container market growth of 2�� per cent 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.