The Maersk Alfirk, left, and Colorado Categorical container ships docked on the Port of Los Angeles in Los Angeles, California, US, on Thursday, April 24, 2025.
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Danish transport large Maersk on Thursday posted stronger-than-expected first-quarter working revenue however warned that the present degree of U.S.-China commerce tariffs may limit world container market volumes.
The corporate, extensively considered a barometer of world commerce, reported preliminary underlying earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) of $2.71 billion for the primary three months of the yr.
That is up 70% from $1.59 billion over the identical interval a yr earlier and above the $2.57 billion anticipated by analysts in an LSEG ballot.
Maersk stored its 2025 revenue steerage unchanged at between $6 billion and $9 billion however mentioned world container market quantity development in 2025 had been revised to -1% to 4% “given the elevated macroeconomic and geopolitical uncertainty.” Maersk had beforehand forecast container quantity development of 4% in 2025.
The outcomes come because the transport business continues to navigate a fancy tariff panorama sparked by U.S. President Donald Trump’s administration.
Trump’s present coverage consists of 145% import duties on merchandise from China, prompting Beijing to hit again with tariffs on U.S. items.
“The primary quarter, truly, was a continuation of the very robust demand and really strong economic system we had all through final yr. And so, on that robust demand, we had been in a position to generate these actually stable outcomes,” Maersk CEO Vincent Clerc advised CNBC’s “Squawk Box Europe” on Thursday.
“These outcomes had been additionally the fruit of robust preparation for what would come forward. We knew it was going to be bumpy and certainly following April 2 announcement, issues received a bit extra bumpy,” he continued.
“The important thing factor for us is that as it’s at the moment, that is largely a China-U.S. concern and it has not but contaminated any of the opposite commerce lanes – both from different origins and locations with the U.S. or China and even for what the remainder of the world trades collectively,” Clerc mentioned.
‘Loads of volatility forward’
On container market volumes, nevertheless, Clerc mentioned the dimensions and fast escalation of U.S.-China tariffs has led to a pointy correction.
China-U.S. container market volumes have dropped between 30% to 40% in April as prospects take a wait-and-see strategy to the tariff scenario, the corporate mentioned.
“Except we discover a answer there then the present degree of tariffs is solely prohibitive on either side for it to actually present some restoration. So, fairly a focused impression up to now,” Clerc mentioned, including that he expects “quite a lot of volatility forward.”
Disruption within the Crimson Sea is anticipated to proceed all through the remainder of the yr, Maersk mentioned.
Shares of the corporate traded 2.2% decrease at round 9:45 a.m. London time.
