Maersk reports third-best financial year

A.P. Moller – Maersk reports strong financial results for 2024 with growth across all segments and significantly improved profitability with EBIT increasing 65% to USD 6.5 billion. Results were driven by higher container demand and elevated freight rates in Ocean, top line and volume growth in Terminals and solid improvements in most Logistics & Services products.

Given the strong results and the strength of the balance sheet, the Board of Directors proposes a dividend of DKK 1,120/share and also separately announced the initiation of a share buy-back programme of up to around USD 2bn to be executed over a period of 12 months.

“Our ability to navigate shifting circumstances and ensure steady supply chains for our customers was put to the test throughout 2024,” says Vincent Clerc, Chief Executive Officer. “Our efforts were rewarded with record-high customer satisfaction. We successfully capitalised on increased demand while enhancing productivity and rigorously managing costs — all of which contributed to our strong financial performance.

“With three strong businesses — Ocean, Logistics & Services, and Terminals — plus integrated offerings across the supply chain, we are uniquely positioned to support our customers in an era where geopolitical changes and disruptions continue to reinforce the need for resilient supply chains.”

Profitability in Ocean improved compared to the previous year supported by a significant increase in freight rates reflecting the situation in the Red Sea and strong volume demand. High utilisation and cost discipline ensured that Ocean operations were streamlined and able to tackle uncertainties. Operational costs were stable year-on-year, offsetting the increased costs and additional bunker consumption of re-routing the network south of the Cape of Good Hope.

Logistics & Services demonstrated resilience in 2024 with momentum building steadily each quarter culminating in volume growth, higher revenue and improved EBIT margin compared to 2023. Revenue grew 7% supported by solid growth in Warehousing, Air and First Mile product categories while profitability benefitted from progress in most products.

Terminals delivered its best-ever financial results in 2024 with EBITDA and EBIT reaching record highs. This was driven by significant top line growth due to strong volumes along with inflation-offsetting tariffs increases, a better customer and product mix, and higher storage revenue.

Financial guidance for2025 is of EBITDA in the range USD 6-9 billion, based on the expectation that global container volume growth will be around 4% and that Maersk will grow in line with the market. For the purpose of the financial guidance, Maersk assumes that the Red Sea re-opens mid-year for the low end of the guidance and re-opens at year-end for the high-end. Maersk’s outlook for 2025 is subject to considerable macroeconomic uncertainties impacting container volume growth and freight rates.