Copenhagen, Denmark – A.P. Moller - Maersk (Maersk) continued its strong business performance in the third quarter. Maersk reported growth across its businesses and financial results significantly above those of the previous year, primarily driven by Ocean, while both Logistics & Services and Terminals also contributed through improved earnings. On the back of the strong quarter combined with robust container market demand and the continuation of the Red Sea situation, Maersk upgraded its guidance for 2024 on October 21st, now expecting full-year underlying EBIT of USD 5.2 to 5.7bn (previously USD 3.0 to 5.0).

This quarter, we once again supported our customers through times of high volatility and low visibility. We reaffirmed our commitment to profitable growth and operational progress, driving results across all business areas through continued rigorous focus on cost discipline, productivity gains, and efficient asset utilization. In Logistics & Services, our focused effort led to steady margin improvements and growth through new customer wins. In Terminals, we drove additional improvements, building on already high performance. Our Ocean team responded to the recurring network disruptions with high agility by leveraging our hub terminals and investing in capacity and equipment to mitigate the supply chain impact on our customers while optimizing unit costs.

Vincent Clerc
CEO at Maersk

Ocean’s profitability improvement was driven by the higher freight rates as well as positive volume growth, culminating in a 41% increase in revenue. The network re-routing south of the Cape of Good Hope remained a significant driver of our cost base, impacting bunker consumption and overall operating costs. These cost pressures were largely offset by efficient operational execution, resulting in an EBIT increase of USD 2.9bn and margin of 25.5%.

Logistics & Services delivered a strong third quarter with revenue growth of 11% year-on-year and 7.2% sequentially, due to increased volumes across most products. Profitability continued its recovery, landing at an EBIT of USD 200m, an increase of USD 64m year-on-year, primarily from profitable growth in Lead Logistics and Air, resulting in an EBIT margin of 5.1%.

Terminals continued to deliver strong top-line growth, particularly in North America. Revenue per move reached all-time highs during the quarter driven by higher volumes, improved tariffs, and product mix. Accordingly, Terminals achieved its best EBITDA since Q1 2022 of USD 424m and finishing the quarter with a ROIC (LTM) of 13.0%.

Financial guidance for 2024

As announced on 21 October 2024, on the back of strong Q3 results combined with strong container market demand and the continuation of the Red Sea/Gulf of Aden situation, Maersk raises its financial guidance for the full-year 2024 as seen in the table below. Maersk now expects global container market growth for the full year to be around 6% (previously 4-6%). CAPEX guidance remains unchanged.

Guidance USDbn
Guidance
EBITDA Underlying
(Previously: 9.0-11.0)
USDbn
11.0-11.5
Guidance
EBIT Underlying
(Previously: 3.0-5.0)
USDbn
5.2-5.7
Guidance
Free cash flow Or higher
(Previously: 2.0 or higher)
USDbn
3.0
Guidance
CAPEX (Unchanged)
2023-2024
USDbn
8.0-9.0
Guidance
CAPEX (Unchanged)
2024-2025
USDbn
10.0-11.0

Sensitivity guidance

Financial performance for A.P. Moller - Maersk for 2024 depends on several factors subject to uncertainities related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2024 for four key assumptions are listed below:

Factors Change

Effect on EBIT
(Rest of 2024)

Factors
Container freight rate
Change
+/- 100 USD/FFE

Effect on EBIT
(Rest of 2024)

+/- USD 0.3bn
Factors
Container freight volume
Change
+/- 100,000 FFE

Effect on EBIT
(Rest of 2024)

+/- USD 0.1bn
Factors
Bunker price
(net of expected BAF coverage)
Change
+/- 100 USD/tonne

Effect on EBIT
(Rest of 2024)

+/- USD 0.1bn
Factors
Foreign exchange rate
(net of hedges)
Change
+/- 10% change in USD

Effect on EBIT
(Rest of 2024)

+/- USD 0.0bn

Financial highlights

Highlights Q3

Revenue

USD million 2024 2023
USD million
Ocean
2024
11,107
2023
7,897
USD million
Logistics & Services
2024
3,893
2023
3,517
USD million
Terminals
2024
1,183
2023
999
USD million
Unallocated activities, eliminations, etc.
2024
-421
2023
-284
USD million
A.P. Moller - Maersk consolidated
2024
15,762
2023
12,129

EBITDA

USD million 2024 2023
USD million
Ocean
2024
4,002
2023
1,133
USD million
Logistics & Services
2024
431
2023
339
USD million
Terminals
2024
424
2023
353
USD million
Unallocated activities, eliminations, etc.
2024
-60
2023
53
USD million
A.P. Moller - Maersk consolidated
2024
4,797
2023
1,878

EBIT

USD million 2024 2023
USD million
Ocean
2024
2,384
2023
-27
USD million
Logistics & Services
2024
200
2023
136
USD million
Terminals
2024
338
2023
270
USD million
Unallocated activities, eliminations, etc.
2024
-63
2023
159
USD million
A.P. Moller - Maersk consolidated
2024
3,309
2023
538

CAPEX

USD million 2024 2023
USD million
Ocean
2024
561
2023
443
USD million
Logistics & Services
2024
211
2023
196
USD million
Terminals
2024
160
2023
113
USD million
Unallocated activities, eliminations, etc.
2024
9
2023
67
USD million
A.P. Moller - Maersk consolidated
2024
941
2023
819

关于马士基

A.P. 穆勒 - 马士基集团是一家综合性物流公司,致力于连接和简化其客户的供应链。作为全球物流服务领导者,公司业务覆盖 130 多个国家,员工人数约为 100,000 人。马士基的目标是通过新技术、新船舶和绿色燃料,到 2040 年实现整个业务的净零排放。

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