Maersk Reports Strong Q2 2024 Despite Global Challenges

Copenhagen, Denmark – A.P. Moller – Maersk, a world leader in shipping and logistics, has shown strong results for the second quarter of 2024, despite facing global challenges like supply chain disruptions. Here’s a straightforward look at how the company performed.

Key Financial Highlights

In Q2 2024, Maersk’s total revenue was USD 12.8 billion, just slightly below the USD 13.0 billion they earned in the same period last year. The company managed to keep its business steady even though shipping costs have been rising.

• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): Maersk made USD 2.1 billion, down from USD 2.9 billion last year. This decrease is mainly due to the higher costs of rerouting ships to avoid conflict zones in the Red Sea and Gulf of Aden.
• EBIT (Earnings Before Interest and Taxes): The company’s earnings before interest and taxes were USD 963 million, compared to USD 1.6 billion last year. However, this is an improvement from the previous quarter, showing that Maersk is adapting well to the situation.
• Net Profit: Maersk’s net profit for Q2 2024 was USD 833 million, a decrease from USD 1.5 billion last year. The shipping segment faced higher costs, but other parts of the business like logistics and terminal operations performed better.

Performance by Business Area

Ocean Shipping: Maersk’s shipping operations saw a profit of USD 470 million, thanks to a 6.7% increase in the number of containers they moved. However, the rerouting of ships to avoid conflict zones increased their costs.

Logistics & Services: This area of the business grew by 7.3%, earning USD 3.6 billion. Maersk has been focusing on improving efficiency and cutting costs, which helped increase profits.

Terminals: Maersk’s terminal operations had a great quarter, with revenue up by 15% to USD 1.1 billion. This success was driven by increased activity in North American ports.

Table: Maersk’s Q2 2024 Performance by Segment

What’s Next for Maersk?

Looking ahead, Maersk is optimistic and has raised its financial expectations for the rest of 2024. They now expect to earn between USD 9.0 to 11.0 billion this year. This positive outlook is based on strong demand for shipping services, despite the ongoing challenges.

CEO Vincent Clerc’s Statement: “Our results show that Maersk can handle tough situations. We’re confident in our ability to meet our goals for 2024.”

Maersk’s ability to keep performing well, even with global disruptions, shows their strength and adaptability. As they continue to focus on improving logistics and shipping services, Maersk is likely to remain a leader in the industry.