Maersk reports 56% profit increase in 2024 citing strong growth in key segments
DENMARK – Maersk, a leading global shipping company, recorded a net profit of US$6.09 billion in 2024, marking a 56% rise from US$3.9 billion in the previous year.
This growth was driven by increased demand for container shipping, higher freight rates, and strong performance across its logistics, services, and terminals divisions. The company’s total revenue rose nine percent to US$55.5 billion, according to an official statement.
“Results were driven by higher container demand and elevated freight rates in ocean, top line and volume growth in terminals, and solid improvements in most logistics & services products,” the company stated.
The ocean segment saw revenue climb 11 percent to US$37.4 billion, with EBIT reaching US$4.7 billion, up from US$2.22 billion in 2023. The company attributed this to a rise in freight rates caused by the ongoing situation in the Red Sea, as well as strong demand for container shipments.
High utilization levels and strict cost management helped stabilize operations, countering increased expenses from rerouting vessels south of the Cape of Good Hope.
Logistics and services revenue increased seven percent to US$14.9 billion, benefiting from growth in warehousing, air freight, and first-mile product categories. Profitability improved across most offerings.
Meanwhile, the terminals division reported revenue of US$4.5 billion and EBIT of US$1.3 billion, bolstered by strong volume growth, higher storage revenue, and inflation-offsetting tariff adjustments.
Vincent Clerc, CEO of Maersk, highlighted the company’s ability to respond effectively to global shifts in trade and supply chain disruptions. “Our ability to navigate shifting circumstances and ensure steady supply chains for our customers was put to the test throughout 2024.”
“With three strong businesses — ocean, logistics & services, and terminals — plus integrated offerings across the supply chain, we are uniquely positioned to support our customers in an era where geopolitical changes and disruptions continue to reinforce the need for resilient supply chains.”
Looking ahead, Maersk expects EBIT in 2025 to be between US$0 and US$300 million. The company anticipates global container volume growth to reach about four percent, with performance aligning with market trends.
However, a supply-demand imbalance is expected, influenced by continued new deliveries in the container shipping industry and potential changes in Red Sea operations.
Maersk’s financial guidance assumes the Red Sea could reopen mid-year on the lower end of estimates and by year-end on the higher end.
In addition to its financial performance, Maersk recently expanded its cold storage network with a newly completed facility in Rotterdam, Netherlands.
The 35,000 sqm site is positioned near the Maasvlakte II terminal, one of Europe’s most advanced logistics hubs. This location allows for faster and more reliable handling of refrigerated shipments.
The facility, now operational, received its first shipment of South African table grapes. “Our cold store significantly improves the speed and reliability of refrigerated supply chains, enhancing the quality of temperature-sensitive and frozen products on their way to European consumers,” said Ole Trumpfheller, Managing Director of Maersk Area North Europe.
The expansion strengthens Maersk’s ability to handle perishable goods efficiently, reflecting its ongoing focus on optimizing supply chain logistics for customers worldwide.
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