Copenhagen, Denmark – 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. Our efforts were rewarded with record-high customer satisfaction. We successfully capitalized 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

Vincent Clerc
CEO of A.P. Moller - Maersk

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 utilization 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

Guidance is based on the expectation that global container volume growth in 2025 will be around 4% and 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.

Guidance 2025 EBITDA
Underlying
EBIT
Underlying
Free cash flow
(FCF) or higher
CAPEX guidance, maintained
2024-2025
CAPEX guidance
2025-2026
Guidance 2025
USDbn
EBITDA
Underlying
6.0 - 9.0
EBIT
Underlying
0.0 - 3.0
Free cash flow
(FCF) or higher
-3.0
CAPEX guidance, maintained
2024-2025
10.0 - 11.0
CAPEX guidance
2025-2026
10.0 - 11.0

Total shareholder return

Maersk returned USD 1.6bn to shareholders during 2024 through dividends and share buy-backs. The demerger and spin-off of Svitzer returned USD 1.1bn to shareholders through a dividend in-kind.

In February 2024, the Board of Directors decided to suspend the share buy-back programme, with a re-initiation to be reviewed once market conditions in Ocean are settled. The Board of Directors has decided to initiate a share buy-back programme of up to DKK 14.4bn (around USD 2bn), to be executed over a period of 12 months.

Highlights for the year

Revenue

USD million 2024 2023
USD million
Ocean
2024
37,388
2023
33,653
USD million
Logistics & Services
2024
14,920
2023
13,916
USD million
Terminals
2024
4,465
2023
3,844
USD million
Unallocated activities, eliminations, etc.
2024
-1,291
2023
-348
USD million
A.P. Moller - Maersk consolidated
2024
55,482
2023
51,065

EBITDA

USD million 2024 2023
USD million
Ocean
2024
9,186
2023
6,940
USD million
Logistics & Services
2024
1,447
2023
1,251
USD million
Terminals
2024
1,601
2023
1,278
USD million
Unallocated activities, eliminations, etc.
2024
-106
2023
122
USD million
A.P. Moller - Maersk consolidated
2024
12,128
2023
9,591

EBIT

USD million 2024 2023
USD million
Ocean
2024
4,743
2023
2,227
USD million
Logistics & Services
2024
538
2023
446
USD million
Terminals
2024
1,329
2023
980
USD million
Unallocated activities, eliminations, etc.
2024
-111
2023
281
USD million
A.P. Moller - Maersk consolidated
2024
6,499
2023
3,934

CAPEX

USD million 2024 2023
USD million
Ocean
2024
2,708
2023
1,987
USD million
Logistics & Services
2024
803
2023
771
USD million
Terminals
2024
580
2023
541
USD million
Unallocated activities, eliminations, etc.
2024
110
2023
347
USD million
A.P. Moller - Maersk consolidated
2024
4,201
2023
3,646

Sensitivity guidance

Financial performance for A.P. Moller - Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2025 for four key assumptions are listed below:

Factors Change Effect on EBIT (Full year 2025)
Factors
Container freight rate
Change
+/- 100 USD/FFE
Effect on EBIT (Full year 2025)
+/- USD 1.3bn
Factors
Container freight volume
Change
+/- 100,000 FFE
Effect on EBIT (Full year 2025)
+/- USD 0.01bn
Factors
Bunker price (net of expected BAF coverage)
Change
+/- 100 USD/tonne
Effect on EBIT (Full year 2025)
+/- USD 0.4bn
Factors
Foreign exchange rate (net of hedges)
Change
+/- 10% change in USD
Effect on EBIT (Full year 2025)
+/- USD 0.3bn

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。

Read more about the 2024 integrated annual report here.

For further information, please contact

Morten Buttler profile
Morten Buttler
Senior Media Relations Advisor, Finance

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