Shipping giant Maersk warned Thursday that the economic impact of the conflict involving Iran could intensify in the coming months, as soaring fuel costs and disrupted trade routes place growing pressure on global supply chains.
Chief executive Vincent Clerc said the company was facing sharply higher operating costs linked to elevated oil prices and instability around the Strait of Hormuz, a critical maritime corridor for global energy shipments.
“We are a highly energy-intensive industry, and that has created a whole new set of circumstances that we now have to deal with,” Clerc told CNBC.
He said higher fuel prices were costing the company about US$500 million per month while crude oil remained close to the US$100-per-barrel level.
Clerc warned that much of the additional cost burden would have to be passed on to customers, raising the prospect of higher prices for goods transported through global supply chains.
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“There is only so much we can do on reducing costs,” he said. “There is a lot we need to do on passing these costs to customers.”
The remarks came as Maersk released first-quarter results showing underlying earnings before interest, tax, depreciation and amortisation of US$1.75 billion, down 35 percent from a year earlier but broadly in line with market expectations.
Revenue fell 2.6 percent year-on-year to US$13 billion, reflecting lower freight rates and rising operating costs in the company’s ocean shipping division.
Maersk shares were trading lower following the announcement.
The Danish shipping group, widely regarded as a barometer of global trade activity, said geopolitical tensions were now the dominant factor shaping the outlook for logistics and international commerce.
The company said the conflict had introduced “an additional layer of uncertainty” into an already fragile global economy.
Since the outbreak of fighting on February 28, maritime traffic through the Strait of Hormuz has slowed dramatically amid security concerns and temporary disruptions.
The waterway is one of the world’s most strategically important shipping routes, handling a large share of global oil and liquefied natural gas exports.
Around one week after the conflict began, Maersk suspended two major shipping routes linking the Middle East to Europe and Asia, citing concerns for crew safety and vessel security.
Although some ceasefire efforts are underway, the company said conditions in the region remain unstable and consumer confidence has already weakened in several markets.
Clerc said the industry was increasingly concerned about whether rising transportation and energy costs could eventually weaken consumer demand.
“As these costs make their way all the way up to the end consumer, will we see demand destruction?” he asked.
“That is certainly something that we’re looking out for very closely.”
Despite the uncertainty, Maersk maintained its full-year outlook, forecasting underlying EBITDA growth of between 4.5 percent and 7 percent in 2026.
The company said its projections assume oil prices remain in the $90–$100 range and that the conflict is resolved without prolonged disruption to global trade routes.
However, it warned that risks remain heavily skewed to the downside.
“Energy and shipping disruptions in the Strait of Hormuz are rapidly reshaping global supply chains,” the company said in its earnings presentation.
The group added that the conflict, coming after recent trade tensions and tariffs affecting global commerce, should serve as another “wake-up call” for governments and businesses to strengthen supply chain resilience and diversify logistics networks.
Analysts say prolonged instability in the Middle East could significantly affect shipping costs, inflation and global trade flows, particularly if disruptions to oil transport continue through the second half of the year.
