We maintain our Sell recommendation on Maersk. Q1 results confirmed the core concerns underpinning our bearish view: structurally oversupplied ocean markets are overwhelming solid operational execution, the Middle East conflict provides a temporary and largely cost-neutral rate tailwind rather than a genuine earnings catalyst, and the forward capacity picture deteriorates further in 2027–28 with elevated fleet growth. With consensus still anchored toward the upper end of a very wide guidance ran ....