Terminals and Logistics & Services also contributed to higher revenues and improved profitability.
The company's Ocean segment saw increased freight rates due to strong demand and disruptions in the Red Sea region, coupled with stable operational costs. Efforts to maintain cost discipline and manage network re-routing through the Cape of Good Hope contributed to improved performance.
Logistics & Services demonstrated resilience, with steady growth throughout the year. Revenue rose by 7%, supported by strong performance in Warehousing, Air, and First Mile services. EBIT margins also improved compared to 2023, reflecting progress across multiple product lines.
Terminals delivered record financial results in 2024, driven by top-line growth from increased volumes and higher storage revenues. Inflation-offsetting tariff adjustments and a better customer and product mix further boosted performance.
The Board of Directors has proposed a dividend of DKK 1,120 per share and announced a share buy-back program worth up to USD 2 billion, to be executed over a 12-month period. During 2024, Maersk returned USD 1.6 billion to shareholders through dividends and share buy-backs. The spin-off of Svitzer provided an additional USD 1.1 billion through an in-kind dividend.
Uncertainties Affecting 2025 Performance
For 2025, Maersk anticipates global container volume growth of around 4%, with performance expected to align with the market. However, supply-demand imbalances may persist due to new vessel deliveries and potential changes in the Red Sea situation. The company's guidance incorporates different scenarios based on the timing of a possible Red Sea re-opening, which could impact container volumes and freight rates.
The Board of Directors has suspended the current share buy-back program and will review its re-initiation based on market conditions. However, a new program valued at approximately DKK 14.4 billion (USD 2 billion) will commence over the next 12 months.
Maersk's financial outlook for 2025 is influenced by macroeconomic uncertainties, including container demand, fuel prices, and freight rates. The company emphasizes that market conditions and external factors will play a significant role in shaping its performance for the upcoming year.