Danish shipping giant Maersk said Thursday that the oil shock triggered by the Iran war is sharply increasing operating costs, with the company expecting to pass the additional burden on to customers.
Maersk CEO Vincent Clerc told Bloomberg Television that the conflict has added roughly $500 million a month in expenses, primarily from rising fuel prices and vessel insurance costs.
“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, adding that the company expects to continue doing so in coming quarters.
Maersk, the world’s second-largest container shipping company, said the Iran conflict had a “limited impact” on its first-quarter results because the US-Israeli attacks began on Feb. 28.
The Copenhagen-based company reported first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.75 billion, above market expectations of $1.66 billion.
The company maintained its 2026 financial guidance and kept its forecast for global container market growth at 2%-4%.
Maersk said demand remained resilient in the second quarter, although Clerc noted the company would need to reduce costs if demand weakens.
Freight rates have risen since the outbreak of the Iran war, though gains have been more limited than during previous supply-chain disruptions such as the COVID-19 pandemic.
Higher bunker fuel prices and insurance premiums have also offset part of the benefit from increased freight rates for shipping companies, among the world’s largest fuel consumers.
“On the supply side, growth remained elevated in Q1 2026, driven by continued fleet expansion, while inactive capacity was subdued,” Maersk said.
The company warned that the outlook for global container demand in 2026 remains “highly uncertain,” citing higher energy prices and trade constraints in the Upper Gulf region as downside risks.
The Upper Gulf accounted for around 6% of global container trade in 2025, according to Maersk.
The company’s outlook also includes scenarios in which both the Strait of Hormuz and the Red Sea reopen to commercial shipping in 2026.
Earlier this week, Maersk said one of its vessels, the US-flagged Alliance Fairfax, transited the Strait of Hormuz with US military assistance.
The company had seven owned or chartered vessels trapped in the Persian Gulf when the war began.
Clerc said Maersk’s remaining vessels in the Gulf may stay there until conditions improve, stressing that the company cannot risk crew safety or customers’ cargo.
“They will stay there as long as the situation is unsafe,” he said, adding that “a large part of the strait is mined today.”
