19.1 C
Hamburg
Sunday, June 1, 2025
Home Most Popular Maersk's revenue takes US$30 billion hit in "transitional year"

Maersk’s revenue takes US$30 billion hit in “transitional year”

Like the majority of container carriers, Maersk has seen huge drops in its 2023 financial figures.

The Danish company reported a US$30 billion decline in its yearly revenue reaching US$51 billion, while EBITDA plunged from US$37 billion to US$9.5 billion and EBIT plummeted from US$31 billion to US$4 billion.

Vincent Clerc, CEO of Maersk, commented, “2023 was a transitional year following the extraordinary market boom caused by the pandemic. We secured solid financial results despite significantly changed circumstances, and we are well positioned to manage the expected headwinds in 2024. By taking early and decisive measures to enforce strict cost management, we adapted to the new reality. We need to see further progress in the logistics business to align with our targets, as we continue to push our transformation forward and enhance our competitiveness.”

Maersk initiates demerger and separate listing of Svitzer

Maersk noted that guidance for 2024 is based on the expectation that global container volume growth will be in the range of 2.5% to 4.5% and that Maersk will grow in line with the market.

It is further expected that the significant oversupply challenges in the Ocean industry will materialise fully throughout 2024. However, high uncertainty remains around the duration and degree of the Red Sea disruption with the duration from one quarter to full year reflected in the guidance range. Front-loading is expected towards the start of 2024.

“The current market remains one of robust volumes, but while the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results,” said Vincent Clerc, adding that “the ongoing disruptions and market volatility emphasize the need for supply chain resilience, further confirming that Maersk’s path toward integrated logistics is the right choice for our customers to effectively manage these challenges.”





Antonis Karamalegkos
Managing Editor

Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

Klaipėda port embarks on green hydrogen initiative

Klaipėda Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!