Maersk CEO Warns Iran War Will Drive Bigger Costs in Months Ahead

CNBC reported Thursday that Maersk CEO Vincent Clerc is warning the U.S.-Iran war will inflict heavier damage on shipping in the months ahead, forcing the Danish carrier to pass surging energy costs onto customers.

Maersk Iran War Costs Hit $500M Per Month

Speaking to CNBC’s Squawk Box Europe after the company posted first-quarter results, Clerc described the conflict as a “new wake-up call” for global trade. He said elevated oil prices were generating roughly $500 million in additional monthly expenses for the shipping giant.

The company cannot absorb that scale of increase internally, Clerc said. A significant portion must be transferred to customers through higher freight charges. He framed the second and third quarters as the period when the full financial weight would become apparent.

Maersk is a widely watched barometer of global trade volumes. Its warning carries broad implications for inflation and consumer goods pricing worldwide.

Strait of Hormuz Closure Keeps Oil Prices Elevated

The war, which began on Feb. 28, has kept the Strait of Hormuz — a chokepoint for roughly 20% of global oil flows — under severe stress. Ongoing uncertainty over its closure has kept crude prices near the $100-per-barrel mark, pushing energy costs sharply higher for carriers.

By Thursday morning, Brent crude futures had slipped 2.2% to $93.01 a barrel. Traders cited cautious optimism that Washington and Tehran might be approaching a ceasefire framework. Shortly after the conflict began, Maersk suspended two Middle East-to-Asia and Middle East-to-Europe shipping routes to protect crew and vessels.

Q1 Earnings Decline but Meet Expectations

Maersk’s underlying EBITDA for the first quarter came in at $1.75 billion, a 35% drop from the year-earlier period. The figure nonetheless matched consensus estimates compiled by LSEG. Revenue slipped 2.6% year-on-year to $13 billion, exceeding analyst forecasts of $12.5 billion.

The company’s Ocean division bore the brunt of the pressure, squeezed by softer freight rates and rising volume-related costs. Maersk shares fell nearly 3% on Thursday following the release.

Full-Year Outlook Held, but Risks Skew Downward

Despite the turbulence, Maersk kept its full-year earnings guidance intact, projecting underlying EBITDA growth of between 4.5% and 7% for 2026. The outlook accounts for industry overcapacity from new vessel deliveries and multiple scenarios for when Hormuz and Red Sea routes might reopen.

Clerc raised a sharper concern about demand destruction. If energy-driven cost increases reach end consumers, he warned, spending could soften materially in the second half of the year. That would ripple back through supply chains and fundamentally alter how the crisis reshapes global logistics.

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