Iran War Costs Danish Shipping Giant Maersk USD500M Monthly

(MENAFN) Shipping behemoth Maersk warned Thursday that the ongoing Iran war is carving deep into its operating budget, with the Copenhagen-based carrier absorbing roughly $500 million in additional monthly expenses — and making clear that its customers will foot the bill.

Maersk CEO Vincent Clerc told media that the financial bleeding stems primarily from surging fuel costs and ballooning vessel insurance premiums triggered by the conflict.

"So far we are able to maintain our guidance because our experience is that we're able to pass those costs on to our customers," Clerc said, signaling the company expects to sustain that approach through coming quarters.

The world's second-largest container shipping company reported that the Iran conflict had a "limited impact" on its first-quarter performance, given that US-Israeli strikes did not commence until February 28. Despite that buffer, Maersk posted first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.75 billion — comfortably clearing analyst expectations of $1.66 billion.

The company held firm on its full-year 2026 financial guidance and left its global container market growth forecast unchanged at 2%–4%. Demand has remained resilient heading into the second quarter, though Clerc acknowledged that a deterioration in volumes would force the company into cost-cutting mode.

Freight Rates Rise, But War Costs Erode the Gains
Freight rates have climbed since hostilities erupted, yet the rally has proven far more subdued than the explosive price spikes witnessed during pandemic-era supply chain chaos. Elevated bunker fuel prices and steeper insurance premiums have significantly eaten into whatever rate-driven upside shipping firms might otherwise have captured.

"On the supply side, growth remained elevated in Q1 2026, driven by continued fleet expansion, while inactive capacity was subdued," Maersk said in its results statement.

Looking ahead, the company struck a cautious tone, flagging that the global container demand outlook for 2026 remains "highly uncertain." It cited elevated energy prices and trade disruptions across the Upper Gulf region as the primary downside risks — a zone that accounted for approximately 6% of total global container trade in 2025.

Maersk's forward scenarios also factor in the possibility that both the Strait of Hormuz and the Red Sea could reopen to commercial shipping before year-end.

Vessels Trapped, Strait Mined
The human and logistical dimensions of the crisis came into sharp focus as Clerc addressed the fate of Maersk's stranded fleet. The company had seven owned or chartered vessels caught inside the Persian Gulf when the conflict erupted. Earlier this week, the US-flagged Alliance Fairfax successfully transited the Strait of Hormuz with US military escort — a rare passage in an increasingly treacherous waterway.

The remaining vessels are not expected to move anytime soon.

"They will stay there as long as the situation is unsafe," Clerc said, adding that "a large part of the strait is mined today."

He stressed that neither crew safety nor customer cargo could be placed at risk under current conditions, leaving Maersk with little choice but to keep its ships anchored until the security environment shifts.

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