A.P. Moller – Maersk reported strong growth in its air freight business during the first quarter of 2026, driven by rising global demand for air cargo, especially shipments linked to artificial intelligence-related products and stronger transatlantic charter activity. Air freight volumes in the company’s Logistics & Services segment increased by 20 % year-on-year to 82,000 tonnes from 69,000 tonnes in the same period last year.
The company said the increase in air cargo activity was mainly supported by improved transatlantic charter operations and stronger demand across key trade lanes. Revenue in the Transported by Maersk business, which includes air freight operations, rose by 10 % to $ 1.8 billion during the quarter. Growth was also supported by stronger First Mile performance, where cargo volumes increased by 9.3 % to 1.76 million FFE.
Maersk said global air freight demand remained solid during the quarter, with estimated market growth ranging between 3.5 % and 5.5 % year-on-year. Demand continued to be driven by exports from Far East Asia, while imports into Europe and North America also remained strong. The company highlighted that AI-related products, including semiconductors, servers and computing equipment, became a major contributor to air cargo demand. Demand for around 100 AI-related product categories increased by 22% year-on-year during January and February 2026, especially on trade routes between Far East Asia and North America.
The company added that international cargo load factors averaged 51.6 % during the quarter, up 0.8 %age points year-on-year. Cargo load factor refers to how much cargo capacity is being utilised on aircraft. Maersk said air cargo utilisation increased further after the outbreak of the Middle East conflict, particularly across Africa and Asia-Pacific routes, although North America recorded a slight decline.
Air freight rates averaged $ 2.1 per kilogram during the first quarter, down 1.5 % from last year. However, rates began rising again in March and reached $ 2.4 per kilogram by the end of the month following disruptions caused by the Middle East conflict.
The strong performance in air freight contributed to improved earnings in Maersk’s Logistics & Services business. The segment reported revenue of $ 3.8 billion during the quarter, up 8.7 % year-on-year, while EBIT increased by 22 % to $ 173 million. The EBIT margin improved from 4.1 % to 4.6 %, marking the eighth consecutive quarter of year-on-year margin improvement.
Maersk said the improved profitability was supported by stronger performance across warehousing, air freight, middle mile logistics and first mile operations, along with continued cost discipline and operational efficiencies. The company added that improved product mix and better operating leverage also supported margins. Operating leverage means the company generated more revenue without a similar increase in costs.
The company also continued expanding its logistics infrastructure during the quarter. Maersk opened World Gateway II in Singapore, a 1.1 million square foot warehousing facility aimed at strengthening logistics and distribution capabilities across the Asia-Pacific region. The company also invested further in warehouse automation projects across multiple global facilities to improve operational efficiency and cargo handling capacity.
Alongside strong growth in air freight and logistics operations, Maersk reported overall revenue of $ 13 billion for the first quarter of 2026, down 2.6 % from $ 13.3 billion a year earlier. EBITDA stood at $ 1.8 billion, while EBIT reached $ 340 million. The company said lower freight rates in the Ocean business continued to impact overall earnings despite strong cargo volumes across all segments.
The Ocean business generated revenue of $ 8.2 billion during the quarter compared with $ 8.9 billion last year. Cargo volumes increased by 9.3 % to 3.2 million FFE, mainly supported by exports from Asia. However, the average freight rate declined by 14 % to $ 2,081 per FFE because of continued vessel oversupply in the global shipping market. FFE refers to forty-foot equivalent containers, which is a standard measurement used in container shipping.
Ocean reported an EBIT loss of $ 192 million compared with a profit of $ 743 million in the same period last year. Despite this, vessel utilisation remained high at 96 %, while operating costs stayed stable at around $ 7 billion due to operational efficiencies and lower fuel costs.
Maersk said bunker fuel prices fell by 16 % during the quarter to $ 486 per fuel oil equivalent tonne. Bunker fuel is the fuel used by container ships. Fuel consumption also declined by 5.3 % despite higher cargo volumes, supported by improved fuel efficiency and network optimisation.
The company said the Middle East conflict, including the closure of the Strait of Hormuz, led to operational disruptions during the quarter. Maersk suspended sailings through the Hormuz and Suez regions and restricted bookings in affected areas. Alternative shipping routes and temporary storage solutions were arranged, particularly for essential cargo such as food, medicines and perishable goods.
Maersk added that these operational adjustments and higher fuel costs are expected to increase expenses in the coming quarters, although the company is attempting to recover some of these costs through commercial measures.
The Terminals business also delivered strong 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 Asia, terminal volumes increased by 3.4 % due to stronger activity in Yokohama, Japan and Mumbai, India. North America recorded the highest growth at nearly 11 %, supported by strong performance 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, storage revenue declined during the quarter, while cost per move rose because of higher maintenance expenses and depreciation related to recent investments.
During the quarter, Maersk continued investing in infrastructure and terminal expansion projects across multiple regions. In Brazil, construction work at the Suape terminal entered its final phase, while APM Terminals in Mexico launched the next expansion phase at Lázaro Cárdenas. The company also announced investments and partnerships in Vietnam, Saudi Arabia and Germany. In India, construction continued on a liquid berth project at Pipavav.
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, supply chain disruptions and continued oversupply of vessels in the container shipping industry.
The company also continued its sustainability and fleet renewal plans during the quarter. Maersk ordered eight new dual-fuel vessels for delivery between 2029 and 2030. These ships will be capable of operating on both conventional fuel and liquefied gas.
Maersk said it now has 33 dual-fuel vessels on order and continued testing lower-emission fuel alternatives. During the quarter, the company completed its first vessel sailing powered entirely by ethanol in a dual-fuel methanol engine, as part of its long-term decarbonisation strategy.