A.P. Moller – Maersk reported resilient performance across its Africa-linked operations during the first quarter of 2026, supported by strong growth in West Africa and rising air cargo utilisation across Africa trade lanes despite continued geopolitical disruptions and pressure on ocean freight rates. The company said profits from joint ventures and associated companies increased by 18 % to $ 111 million during the quarter, primarily driven by stronger performance in West Africa and Brazil.

Maersk also said air freight utilisation increased after the outbreak of the Middle East conflict, particularly across Africa and Asia-Pacific routes, as global supply chains adjusted to disruptions in the region. The company’s air freight volumes rose by 20 % year-on-year to 82,000 tonnes, supported by stronger transatlantic charter activity and higher global demand for high-value cargo such as AI-related products, semiconductors and electronics.

The company added that international cargo load factors averaged 51.6 % during the quarter, up 0.8 % points from the same period last year. Cargo load factor refers to how much cargo capacity on aircraft is being utilised. Maersk said demand remained particularly strong on routes connecting Far East Asia with Europe, North America and Africa.

Air freight rates averaged $ 2.1 per kilogram during the quarter, slightly below last year’s levels. However, rates started increasing towards the end of March after disruptions caused by the Middle East conflict and reached $ 2.4 per kilogram by the end of the month.

The strong performance in air cargo operations supported Maersk’s Logistics & Services business, which delivered improved earnings for the eighth consecutive quarter. Revenue in the segment increased by 8.7 % year-on-year to $ 3.8 billion, while EBIT rose by 22 % to $ 173 million. The EBIT margin improved from 4.1 % to 4.6 %.

Revenue from Transported by Maersk services, which includes air freight operations, increased by 10 % to $ 1.8 billion during the quarter. Growth was mainly supported by stronger first mile operations and rising air freight demand. First mile shipping volumes increased by 9.3 % to 1.76 million FFE.

Maersk said profitability in Logistics & Services improved because of stronger performance across warehousing, air freight, middle mile logistics and transportation services, along with continued cost discipline and productivity improvements. The company also benefited from improved operating leverage, meaning revenue increased faster than operating costs.

As part of its logistics expansion strategy, Maersk opened World Gateway II in Singapore during the quarter. The 1.1 million square foot warehousing facility is expected to strengthen the company’s logistics capabilities across the Asia-Pacific region. The company also continued investments in warehouse automation projects across several global facilities.

Alongside growth in air freight and logistics operations, Maersk reported overall group revenue of $ 13 billion during the first quarter of 2026, slightly lower than $ 13.3 billion in the same period last year. EBITDA stood at $ 1.8 billion, while EBIT reached $ 340 million. The company said lower freight rates in the Ocean business continued to pressure earnings despite strong cargo volume growth across all business segments.

The Ocean business generated revenue of $ 8.2 billion during the quarter. Cargo volumes increased by 9.3 % to 3.2 million FFE, supported mainly by exports from Asia. However, the average freight rate declined by 14 % because of continued oversupply of vessels in the global shipping market.

Ocean reported an EBIT loss of $ 192 million during the quarter compared with a profit of $ 743 million a year earlier. Despite this, vessel utilisation remained high at 96 %, while operating costs stayed stable because of lower bunker fuel prices and operational efficiencies.

Maersk said the Middle East conflict, including the closure of the Strait of Hormuz, affected shipping operations during the quarter. The company suspended sailings through the Hormuz and Suez regions and restricted bookings in affected areas. Alternative shipping routes and temporary storage solutions were introduced, especially for essential cargo such as food, medicines and perishable products.

The company added that these operational adjustments and higher fuel costs are expected to increase expenses in the coming quarters, although it is attempting to recover some of these costs through commercial measures.

Maersk’s Terminals business also delivered solid growth during the quarter. Revenue increased by 6.7 % to $ 1.3 billion, while EBIT rose by 11 % to $ 436 million. Container handling volumes increased by 4.3 % to 3.47 million moves, supported mainly by growth in North America and Asia.

In Africa, terminal volumes remained flat year-on-year. Growth in Monrovia, Liberia was offset by weaker volumes in San Pedro, Ivory Coast, and Onne, Nigeria. Terminal utilisation in Africa declined by 4.3 % points to 66 % during the quarter.

In Asia, terminal volumes increased by 3.4 % because of stronger activity in Yokohama, Japan and Mumbai, India. North America recorded the strongest growth, with volumes rising nearly 11 % due to higher activity at terminals in Mexico and the United States.

Revenue per container move increased by 3.4 % to $ 377 because of better pricing and favourable foreign exchange movements. However, cost per move also increased because of higher maintenance expenses and depreciation related to recent investments.

During the quarter, Maersk continued investing in terminal and infrastructure expansion projects across several regions. Construction at the Suape terminal in Brazil entered its final phase, while APM Terminals in Mexico launched the next expansion phase at Lázaro Cárdenas. The company also announced partnerships and investments in Vietnam, Saudi Arabia and Germany.

Maersk maintained its full-year 2026 guidance and expects global container market volumes to grow between 2 % and 4 % during the year. The company said uncertainty remains because of geopolitical tensions, higher energy prices, vessel oversupply and possible disruptions linked to the Red Sea and Strait of Hormuz.

The company also continued its fleet renewal and sustainability initiatives during the quarter. Maersk ordered eight new dual-fuel vessels scheduled for delivery between 2029 and 2030. These vessels will be capable of operating on both conventional fuel and liquefied gas as part of the company’s decarbonisation strategy.