Maersk also returns to reality
Maersk’s results in 2023 are in line with the overall trend in the global shipping industry. For 2023, the group reported a revenue of USD 51.1 billion. The record year 2022 saw Maersk with USD 81.5 billion revenue and a profit of USD 29.3 billion. In 2023, profit amounted to USD 3.9 billion and the ebit margin stood at 7.7%.
Declining freight rates hit all carriers last year. Maersk’s expectations for the current year are that global container volume growth will be in the range of 2.5% to 4.5% and that the group will grow accordingly. The foreseeable oversupply of capacity in the market will impact all players in the course of 2024.
One strategic decision is that the activities of the affiliate Svitzer and its subsidiaries will be added to a new company with the legal name of Svitzer Group. Its shares will be distributed pro-rata to Maersk shareholders and are expected to be admitted for trading and official listing on Nasdaq Copenhagen.
The financial outlook for 2024 was not specified due to too many uncertainties like future macroeconomic conditions, bunker fuel prices and freight rates. Because of these doubts, the board of directors has decided to stop its ongoing share buy-back programme.
The company currently operates in more than 130 countries and employs around 100,000 people. (cd)