Maersk’s figures no longer come as a surprise as they had already been leaked. But now it is official how well the most recent quarter went.
The Danish shipping group A.P. Møller-Maersk was able to grow in all segments in the second quarter. However, this only applies in comparison to the previous months; the company reported significant losses compared to the previous year 2023.
In the “Ocean” segment, the liner business, turnover amounted to US$8.37bn, around US$330m below the previous year’s result. Profit (EBIT) was reported at US$470m compared with US$1.2bn 12 months previously, but was also US$631m higher than in the first quarter.
Volume growth was 6.7% above the previous year. The crisis in the Red Sea and the rerouting of ships around the Cape of Good Hope led to an increase in rates, but also in bunker expenses and other operating costs.
Maersk raises forecast
“We expect the market to remain like this for the rest of the year,” says Vincent Clerc, CEO of Maersk.
Logistics & Services grew by 7% year-on-year and increased volumes in all product families more than compensated for the low rates, according to the statement. Profitability improved both quarter-on-quarter and year-on-year, positively impacted by higher asset utilisation, good cost control and progress on initiatives to address customer implementation challenges in the North American land freight business.
The terminals continued to record volume growth, particularly in North America. Revenue per handling increased significantly due to higher tariffs and higher inventory levels, while costs per handling increased slightly. Effective cost management and robust revenue growth supported profitability and resulted in one of the highest EBITDA figures ever.
As announced on 1 August, Maersk is raising its financial guidance due to robust demand in the container market. Maersk now expects the global container market to grow between 4-6%, in line with the market, compared to previous expectations of 2.5-4.5%. The Copenhagen-based company now expects an adjusted EBITDA of between US$9bn and US$11bn.
