Maersk Q1 EBITDA of 1.73B Beats Forecasts, Shares Fall

Copenhagen, Denmark - A.P. Moller-Maersk, the Danish shipping giant, reported first-quarter EBITDA of 1.73 billion on Thursday, surpassing analyst forecasts of 1.66 billion but marking a sharp decline from 2.71 billion a year earlier. Shares fell as much as 7.5 percent in Copenhagen trading, underperforming a flat benchmark index, as investors weighed the escalating costs from the Iran war.

The conflict, which began on February 28 with coordinated U.S. and Israeli strikes on Iran, prompted Iran to close the Strait of Hormuz to commercial traffic. This has forced Maersk and other carriers to reroute vessels around Africa, avoiding both the strait and the Suez Canal amid ongoing Red Sea disruptions from Houthi rebel attacks. The changes have trapped six Maersk ships in the Gulf and reversed plans for a gradual return to Suez routes.

Fuel costs have surged, with bunker prices rising from around 600 to nearly 1,000 per metric ton, adding approximately 500 million to Maersk's monthly expenses. Chief Executive Vincent Clerc told reporters the company has so far recovered these costs through contract renegotiations and spot rate hikes. "The energy crisis does not go away the day peace...