Maersk saw pre-tax earnings fall to a loss in the fourth quarter as downward pressure on freight rates offset strong volume growth.
The world’s second-biggest container carrier on Thursday said earnings before interest and taxes (EBIT) fell to a loss of $153 million as weaker rates offset “strong” container volume growth of 8%, down from $567 million in the previous quarter and $1.6 billion in the fourth quarter of 2024. Revenue totaled $13.33 billion from $14.59 billion a year ago.
For the year, ocean traffic grew in line with the global market, up 4.9%, despite volatile markets. Logistics & Services continued to improve profitability driven by targeted refocusing efforts, and the terminals business saw its strongest financial performance ever with record volumes, revenue and EBIT, the Copenhagen-based company said.
Maersk is the second major carrier to see negative quarterly EBIT. The ONE group of carriers reported a pre-tax earnings loss of $84 million.
“We delivered a strong performance and high value for our customers in a year where supply chains and global trade continued to be reshaped by evolving geopolitics,” said Chief Executive Vincent Clerc, in a release. “Across our operations, volumes grew and asset utilization was very high. Our ocean business set a new benchmark for reliability, terminals delivered record results, and Logistics & Services continued to advance.
“The year highlighted the need to strengthen, and modernize global supply chains and critical infrastructure, further emphasising the relevance of our strategy. Our key to success remains to grow in close partnership with our customers, leveraging our unique asset footprint, and a continuous drive for operational excellence and cost discipline.”
The carrier launched the Gemini cooperation east-west ocean service with Hapag-Lloyd (HLAG.DE) in 2025; its schedule reliability outpaced the market by around 10%. Global container volume is forecast to grow 2%-4% in 2026.
Maersk (MAERSK-B.CO) stock fell more than 5% in early trading. The company plans to buy back $1 billion worth of shares over the next 12 months.
Maersk said it will reduce costs across the organization by $180 million, and eliminate 1,000 jobs, or 15% of its workforce of 6,000.
Full-year revenue was $54 billion, while operating profit (EBITDA) of $9.5 billion was down from $12.1 billion y/y. Pre-tax earnings of $3.5 billion was off from $6.5 billion, though at the top end of guidance.
Expected overcapacity in shipping from uneven demand and the introduction of new vessels, along with the gradual Red Sea reopening in 2026, led Maersk to a soft forecast of full-year EBITDA of $4.5-7 million, and EBIT ranging from a loss of $1.5 million to a profit of $1 million.
Find more articles by Stuart Chirls here.
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