Year-on-year EBIT increased 65 per cent in 2024, boosted by higher container demand and elevated freight rates
AP Moller-Maersk has reported on strong financial results for 2024, with growth across all segments and ”significantly improved” profitability.
According to the logistics giant, EBIT increased 65 per cent to US$6.5bn last year, up from US$3.9bn, while revenue for the year jumped from US$51bn to US$55.5bn.
Results were driven by higher container demand and elevated freight rates in ocean, the company noted, top line and volume growth in terminals and ”solid improvements” in most logistics and services products.
”Our ability to navigate shifting circumstances and ensure steady supply chains for our customers was put to the test throughout 2024,” said Vincent Clerc, CEO of Maersk.
”Our efforts were rewarded with record-high customer satisfaction,” he outlined. ”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 and 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,” Clerc added.
Maersk said that profitability in ocean improved compared to the previous year, supported by an 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, it stated.
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.
