Copenhagen — Danish shipping giant Maersk reported a robust operating profit of USD 2.8 billion in the third quarter of 2024, a marked improvement from the USD 27 million loss it posted in the same period last year. The world’s second-largest container carrier experienced a substantial 41% jump in revenue from its liner operations, reaching USD 11.1 billion. This increase was largely due to higher shipping rates, which averaged USD 1,618 per TEU, up from USD 1,048 the previous year.
Despite a strong market growth, Maersk’s cargo liftings rose by just 0.3% year-on-year, reflecting the carrier’s inability to fully capitalize on the higher volume demand. However, this shortfall was offset by the 54% rise in rates. Maersk also kept a tight rein on costs, with operating expenses rising by only 6.7%, or 3.9% at fixed bunker costs.
Maersk’s Q3 results are expected to represent the peak of its financial performance this year, with the company confirming that rates had begun to decline in July. Although Maersk anticipates steady volumes in the fourth quarter, its earnings forecast suggests a potential 60-75% drop in group EBIT for Q4. This projection is less severe than that of competitor Ocean Network Express (ONE), which expects a 92% EBIT decrease for the October to March period. Analysts suggest Maersk may have retained more stable rates through contract business.
In its terminals division, Maersk achieved impressive results, posting one of its highest EBIT levels at USD 338 million, surpassing its logistics segment, which reported an EBIT of USD 200 million, still below the group’s target returns.
On an investor call following the release, Maersk CEO Vincent Clerc addressed plans to improve operational reliability. Clerc remains confident that the company can achieve a 90% reliability target under its new Gemini Cooperation with Hapag-Lloyd. The initiative, based on a hub-and-spoke network, aims to limit disruptions within the network and improve overall efficiency by integrating ships and terminals under unified management and operational principles.
