Drop in freight drops Maersk’s profit and exposes excess shipping capacity

AP Møller-Maersk closed the 2025 financial year with a warning sign for the container shipping sector. Even with growth in volumes handled, the company saw its profitability deteriorate significantly, recording the worst financial performance in the last five years.

The Danish group achieved total revenue of 53.988 billion dollars, a drop of 2.7% compared to 2024. The most severe impact, however, was felt in the final results. Net profit fell to 2.915 billion dollars, approximately half of the previous year. The operating margin also shrank, with EBIT falling to 6.5%, compared to the 11.7% recorded in 2024.

According to Maersk itself, the performance reflects a clear change in the relationship between supply and demand in global shipping. The entry of new capacity into the global fleet has intensified pressure on freight, compressing margins in an increasingly competitive market. The company assesses that 2026 will be marked by “many headwinds”, including geopolitical uncertainties, the risk of tariff wars and the gradual normalization of Red Sea routes. This return tends to shorten trips and return effective capacity to the system, which could put even more pressure on prices.

In the operational field, the company ended the year with a fleet utilization rate of 94%, supported by the Gemini cooperation model. Even so, the maritime division showed a relevant slowdown. Maersk estimates that the average freight price will fall by around 17% in 2025, directly affecting the group’s main business. Revenue from the maritime area fell to approximately 35 billion dollars, while EBIT fell to 1.4 billion dollars, with a margin of just 4%.

Given this scenario, the announced strategy involves strong cost containment and structural adjustments. The company confirmed a 15% cut in the corporate team, equivalent to around a thousand jobs, in addition to an estimated annual cost reduction of 180 million dollars. At the same time, Maersk intends to reduce exposure to the spot market, reinforcing longer duration contracts as a way of bringing greater predictability to revenues in an environment of high volatility.