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.
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 |
|---|---|---|
|
Factors
Container freight rate
|
Change
+/- 100 USD/FFE
|
Effect on EBIT
+/- USD 0.3bn
|
|
Factors
Container freight volume
|
Change
+/- 100,000 FFE
|
Effect on EBIT
+/- USD 0.1bn
|
|
Factors
Bunker price
(net of expected BAF coverage) |
Change
+/- 100 USD/tonne
|
Effect on EBIT
+/- USD 0.1bn
|
|
Factors
Foreign exchange rate
(net of hedges) |
Change
+/- 10% change in USD
|
Effect on EBIT
+/- 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
|
Maersk 소개
A.P. Moller - Maersk는 고객의 공급망을 연결하고 단순화하는 통합 물류 기업입니다. 물류 서비스 산업의 글로벌 리더로서 Maersk는 130개 국가에서 사업을 영위하고 약 100,000명의 직원을 보유하고 있습니다. Maersk는 새로운 기술, 새로운 선박 및 친환경 연료를 통해 2040년까지 사업 전반에서 순 배출량 제로 달성을 목표로 합니다.
Downloads
For more information, please contact:
Anything you need, we’re here to help
솔루션
문의하기
화물을 운송할 준비가 되셨나요?
이 양식을 제출하면 A. P. Moller-Maersk 및 그 계열사로부터 이메일을 통해 물류 관련 뉴스 및 마케팅 소식을 수신하는 데 동의합니다 . 본인은 구독 취소 링크를 클릭하면 언제든지 Maersk 마케팅을 수신 거부할 수 있습니다. 개인 정보를 처리하는 방법에 대한 자세한 내용은 개인정보 고지를 참조하세요.