A. P. Møller – Mærsk A/S – Annual report – 31 December 2025
Industry: shipping
Note 2.1 Segment information (extract)
Revenue recognition
Revenue for all businesses is recognised when the performance obligation has been satisfied, which happens upon transfer of control to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for the goods and services.
No significant element of financing is deemed present as sales are made with a credit term of 20-45 days, which is consistent with market practice. Revenue from sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.
Ocean
Global container shipping activities, including strategic transhipment hubs.
Ocean activities
Activities under Maersk Line and Aliança with ocean container freight being the main revenue stream. Ocean container freight is defined as the cost-per-weight measure of transporting goods on board a container vessel across the ocean, including demurrage and detention, terminal handling, documentation services, container services as well as container storage.
Hub activities
Activities under the APM Terminals brand-generating revenue by providing port services only in major transshipment ports including Maasvlakte-II, Algeciras, Tangier, Tangier-Med II, Port Said, as well as joint ventures in Salalah and Tanjung Pelepas. The respective terminals are included under the Ocean segment, as the primary purpose of those ports is to provide transshipment services to Maersk’s Ocean business, whereas third-party volumes sold in those locations are considered secondary.
Activities under Panama Canal Railway Company (PCRC) facilitate cargo movement between the Atlantic and Pacific Oceans, supporting the Ocean network.
Maersk Energy Markets
Sourcing marine fuels for Maersk’s fleet and third-party customers, in addition to operating a fuel infrastructure in key bunker ports.
Revenue from Ocean freight activities is recognised over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Percentage of completion is calculated as the number of days of a voyage as a percentage of the total number of days a voyage is estimated to last.
Detention and demurrage fees are recognised over time up until the time of the customer’s late return or pick-up of containers.
Logistics & Services
Integrated transportation, fulfilment and management solutions, including landside and air transportation as well as warehousing and supply chain management offerings.
Managed by Maersk
Includes Lead Logistics, Project Logistics, Cold Chain Logistics and Custom Services, enabling customers to control or outsource part or all of their supply chain.
Fulfilled by Maersk
Activities such as Warehousing (consolidated, deconsolidation and fulfilment), Cold Storage, Ground Freight, Depot operations and e-commerce supporting integrated fulfilment solutions, to improve customer consolidation.
Transported by Maersk
Integrated transportation solutions supported by Landside Transportation, Cargo Risk Management products, Air, Less than Container Load (LCL) and Full Container Load (FCL), to facilitate supply chain control across Maersk.
Revenue from Logistics & Services including integrated transportation, lead logistics, project logistics, warehousing, ground freight and depot services is mainly recognised over time over the completion of the service.
Terminals
Gateway terminal activities.
Terminals activities
Activities in ports fully or partially controlled by the APM Terminals brand, with the main revenue stream being port activities not considered a hub activity as described in the Ocean section.
Terminal services involve activities related to all operations within port terminals including cargo or equipment handling such as berthing, transshipment, loading and unloading, storage, depot management, utility provision and other services required by vessels.
Revenue from terminal operations is recognised upon completion of the service. In container terminals operated under certain restrictive terms of pricing and service, etc., the value of tangible assets constructed on behalf of the concession grantor is recognised as revenue during the construction.
Unallocated items and inter-segment revenue
Towage activities
Activities under the Svitzer brand, a provider of offshore towage and marine services. The company was demerged in April 2024.
Maersk Container Industry
Manufacturer that produces reefer containers.
Maersk’s corporate functions
Consists of group-related costs in Maersk.
Other businesses
Consists of Maersk Growth, Maersk Training, certain warehouse properties and other maritime industry services.
Revenue between segments is limited, except for the Terminals segment, where a large part of the services are delivered to the Ocean segment as well as the sale of containers from Maersk Container Industry to the Ocean segment.
Revenue from other business activities is recognised upon full completion of the related service.
Accounts examples 