Copenhagen, Denmark – A.P. Moller - Maersk continued to build momentum in the second quarter reporting volume growth across all segments and improved financial performance with EBIT margin reaching 7.5% compared to 1.4% in the first quarter. Results were driven by increased profitability in Ocean, solid growth in Logistics & Services and excellent performance in Terminals. Based on the prolonging of the crisis in the Red Sea and a continued robust market demand, Maersk upgraded its guidance for 2024 on August 1st.
Our results this quarter confirm that performance in all our businesses is trending in the right direction. Market demand has been strong, and as we have all seen, the situation in the Red Sea remains entrenched, which leads to continued pressure on global supply chains. These conditions are now expected to continue for the remainder of the year. We have invested in additional equipment in all our businesses to adapt to the situation and continue supporting our customers through the disruptions. As we look ahead, our focus remains on leveraging organic growth while exploring opportunities for value-accretive acquisitions particularly in Logistics. We will maintain tight cost control and high asset utilization, and further execute on our fleet renewal program.
Ocean saw strong volume growth and higher freight rates, primarily in Asia exports, reflecting the increased supply chain pressure, while the situation in the Red Sea and rerouting south of Cape of Good Hope continued to lead to higher operating costs. Profitability returned to positive territory, and while below the same quarter last year, performance was significantly better compared to Q1 2024 and Q4 2023.
Logistics & Services grew by 7% compared to the year prior and increased volumes across all product families more than offset low rates. Profitability improved both sequentially and year on year, positively impacted by increased asset utilization, good cost control, and progress on initiatives to address customer implementation challenges in the ground freight business in North America.
Terminals continued to deliver volume growth, particularly in North America. Revenue per move increased significantly due to higher tariffs and higher storage, while cost per move increased slightly. Effective cost management and robust revenue growth supported profitability, leading to one of the highest EBITDA levels ever.
Financial guidance for 2024
As announced on August 1st, due to continued supply chain disruptions caused by the ongoing situation in the Red Sea/Gulf of Aden and robust container market demand, Maersk raises its financial guidance as seen in the table below. Maersk now expects global container market growth to be between 4-6% and to grow in line with the market compared to the previous expectations of towards the upper end of 2.5-4.5%.
In addition, Maersk now expects CAPEX to be between USD 10.0-11.0bn for 2024-2025 (previously USD 9.0-10.0bn) due to continuous fleet renewal.
| Guidance | USDbn |
|---|---|
|
Guidance
EBITDA Underlying
(Previously: 7.0-9.0) |
USDbn
9.0-11.0
|
|
Guidance
EBIT Underlying
(Previously: 1.0-3.0) |
USDbn
3.0-5.0
|
|
Guidance
Free cash flow Or higher
(Previously: 1.0 or higher) |
USDbn
2.0
|
|
Guidance
CAPEX(Unchanged)
2023-2024 |
USDbn
8.0-9.0
|
|
Guidance
CAPEX(Previously: 9.0-10.0)
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 0.6bn
|
|
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 0.2bn
|
|
Factors
Foreign exchange rate
(net of hedges) |
Change
+/- 10% change in USD
|
Effect on EBIT
+/- USD 0.1bn
|
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.
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