Shipping company 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.
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The company's results this quarter confirm that performance in all our businesses is trending in the right direction. Market demand has been strong, and as all have 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. For the rest of the year, the company's 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.
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%.
More information:
Maersk
www.maersk.com