- Maersk’s Q3 results show substantial growth, especially in Ocean, with a 41% revenue increase.
- The company raised its 2024 EBIT forecast to USD 5.2-5.7 billion due to strong container demand.
- Logistics, Services, and Terminals sectors also contributed to profit growth and efficiency gains.
A.P. Moller – Maersk delivered exceptional third-quarter results, seeing growth across all business segments, particularly in Ocean, Logistics & Services, and Terminals, reports Maersk.
Steady Operational and Financial Growth
“Maersk upgraded its guidance for 2024, now expecting full-year underlying EBIT of USD 5.2 to 5.7bn.”
This quarter, Maersk focused on cost discipline, productivity, and asset utilization. “We reaffirmed our commitment to profitable growth,” Vincent Clerc, CEO, said.
Strong customer support during volatile times and effective network management kept operations efficient, particularly in mitigating disruptions.
Ocean Revenue Surges with Higher Freight Rates
Ocean’s performance saw a significant 41% increase in revenue, boosted by rising freight rates and volume growth.
Rerouting via the Cape of Good Hope impacted costs but was balanced by efficient operations. “EBIT increased by USD 2.9bn, with a margin of 25.5%.”
Logistics & Services Grows Through Customer Wins
Logistics & Services showed a strong year-on-year revenue growth of 11% and sequential growth of 7.2%.
Enhanced profitability came from growth in the Lead Logistics and Air sectors, with EBIT reaching USD 200 million, up USD 64 million year-on-year.
Terminals Revenue Hits All-Time Highs
In Terminals, North American operations led to record revenue per move, supported by higher volumes and improved tariffs.
This resulted in an EBITDA of USD 424 million, the highest since early 2022, with a ROIC (LTM) of 13.0%.
Updated Financial Guidance for 2024
On October 21, Maersk raised its financial guidance for 2024, anticipating a container market growth rate of approximately 6%.
CAPEX guidance remains at USD 8.0-9.0 billion for 2023-2024. “Maersk now expects full-year global container market growth to be around 6%.”
2024 Financial Sensitivity Factors
Maersk’s 2024 financial performance depends on several key variables.
Container freight rates, freight volume, bunker prices, and exchange rates all pose potential fluctuations in EBIT, emphasizing the importance of market dynamics and cost efficiency.
Revenue and EBITDA Comparison: 2024 vs. 2023
Comparing revenue across segments:
- Ocean: USD 11,107 million in 2024 vs. USD 7,897 million in 2023.
- Logistics & Services: USD 3,893 million, up from USD 3,517 million.
- Terminals: USD 1,183 million, an increase from USD 999 million. “Maersk consolidated revenue reached USD 15,762 million.”
EBITDA Growth Highlights Across Sectors
EBITDA growth was driven by Ocean’s substantial performance with USD 4,002 million in 2024, versus USD 1,133 million in 2023.
Logistics & Services and Terminals also showed robust growth, leading to a consolidated EBITDA of USD 4,797 million.
CAPEX Trends and Investment Plans
Capital expenditure showed steady increases across segments, with the largest rise in Ocean and Terminals.
It aligns with Maersk’s strategy to invest in capacity and service improvement. CAPEX is set to remain high in the upcoming periods to support sustained growth.
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Source: Maersk
