The Maersk Alfirk, left, and Colorado Express container ships docked at the Port of Los Angeles in Los Angeles, California, US, on Thursday, April 24, 2025.
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Danish shipping giant Maersk on Thursday posted stronger-than-expected first-quarter operating profit but warned that the current level of U.S.-China trade tariffs could restrict global container market volumes.
The company, widely regarded as a barometer of global trade, reported preliminary underlying earnings before interest, tax, depreciation and amortization (EBITDA) of $2.71 billion for the first three months of the year.
That’s up 70% from $1.59 billion over the same period a year earlier and above the $2.57 billion expected by analysts in an LSEG poll.
Maersk kept its 2025 profit guidance unchanged at between $6 billion and $9 billion but said global container market volume growth in 2025 had been revised to -1% to 4% “given the increased macroeconomic and geopolitical uncertainty.” Maersk had previously forecast container volume growth of 4% in 2025.
The results come as the shipping industry continues to navigate a complex tariff landscape sparked by U.S. President Donald Trump’s administration.
Trump’s current policy includes 145% import duties on products from China, prompting Beijing to hit back with tariffs on U.S. goods.
“The first quarter, actually, was a continuation of the very strong demand and very robust economy we had throughout last year. And so, on that strong demand, we were able to generate these really solid results,” Maersk CEO Vincent Clerc told CNBC’s “Squawk Box Europe” on Thursday.
“These results were also the fruit of strong preparation for what would come ahead. We knew it was going to be bumpy and indeed following April 2 announcement, things got a bit more bumpy,” he continued.
“The key thing for us is that as it is today, this is mostly a China-U.S. issue and it has not yet contaminated any of the other trade lanes – either from other origins and destinations with the U.S. or China or even for what the rest of the world trades together,” Clerc said.
‘A lot of volatility ahead’
On container market volumes, however, Clerc said the size and rapid escalation of U.S.-China tariffs has led to a sharp correction.
China-U.S. container market volumes have dropped between 30% to 40% in April as customers take a wait-and-see approach to the tariff situation, the company said.
“Unless we find a solution there then the current level of tariffs is simply prohibitive on both sides for it to really show some recovery. So, quite a targeted impact so far,” Clerc said, adding that he expects “a lot of volatility ahead.”
Disruption in the Red Sea is expected to continue throughout the rest of the year, Maersk said.
Shares of the company traded 2.2% lower at around 9:45 a.m. London time.