“The conflict in the Middle East, which began on 28 Feb 2026, has introduced an additional layer of uncertainty,” said Maersk in a statement as first quarter net profit dived.

The firm noted that “traffic at the Strait of Hormuz remains at a near-standstill” and that “the conflict has already weighed on sentiment,” denting consumer confidence.

Global demand for container shipping nonetheless rose between three and five percent year-on-year in the first quarter.

Between January and March, Maersk’s net profit came in at US$100 million, 12 times lower than the same period last year when its return was boosted by demand for maritime transport.

Revenue totaled US$12.97 billion, down 2.6% for a company widely considered a bellwether for global trade.

In the first quarter, freight rates were lower, although that was partially offset by a 9.3% rise in volumes, Maersk noted in its quarterly report.

“We’ve seen strong demand across most regions this quarter, supporting robust volume growth in our three business segments,” said CEO Vincent Clerc.

“In (maritime transport segment) Ocean in particular, market volatility remains high and industry oversupply continues to put pressure on rates.”