For the first quarter of 2025, A.P. Moller – Maersk reported revenue growth of 7.8 per cent to US$13.3 billion with operating profit increasing to US$1.3 billion from US$177 million a year ago.
Maersk said that these results, while sequentially down as expected, represented a good start to the year and were driven by solid profitability in its ocean segment, operational improvements in its logistics and services segment, and higher volumes in the terminals segment.
For the full year 2025, Maersk maintained its financial guidance despite the increased uncertainty leading to a more cautious container volume growth outlook.
"We delivered strong results compared to the same quarter last year, driven by momentum in our operational efficiency and a global economy in good shape for the first three months," said Maersk CEO Vincent Clerc.
"With trade tensions flaring up and uncertainty on the rise, global supply chains are once again in the spotlight. We are happy to be able to put the full strength of our product offering at our customers’ disposal.
"At the same time, we are doubling down on the work underway on automation and cost management to remain fit for what lies ahead. These efforts give us the confidence to deliver a result in line with our guidance communicated in February."
Maersk's ocean segment saw improved profitability compared to the same quarter last year due to higher rates and stable volumes with an operating profit of US$743 million while the sequential decrease was as anticipated.
Utilisation remained high and costs were stable due to continued high focus on optimisation. Maersk said the new East-West network, which was launched in February, is on track to deliver on the reliability ambition and cost efficiencies once fully phased in.
The profit margin in logistics and services improved compared to the first quarter of last year and reached 4.1 per cent driven by multiple products and the continued focus on costs and productivity.
Revenue from freight management services grew 18 per cent compared to the same quarter last year driven by project logistics. Ongoing operational improvements in fulfilment services also contributed significantly.
The terminals segment's performance was driven by strong volume growth, higher revenue per move and increased storage revenue, while costs were under control through automation and increased capacity utilisation. Return on invested capital increased to 14.5 per cent.
Maersk maintained its full-year 2025 guidance of underlying gross operating profit of US$6 to US$9 billion, underlying profit of US$0 to US$3 billion, and free cash flow of at least negative US$3 billion.
The global container market volume growth has been revised to negative one per cent to four per cent given the increased macroeconomic and geopolitical uncertainty. Maersk expects to grow in line with the market.
The disruption in the Red Sea is expected to continue throughout the rest of the year.