Maersk and Hapag-Lloyd have published their financial results for 2024, providing insights into the latest trends in the container shipping industry. Both companies reported revenue growth, but Maersk significantly outperformed in profitability, benefiting from higher freight rates and cost efficiencies, while Hapag-Lloyd experienced stable growth with consistent pricing and a moderate increase in transport volumes.
Maersk saw a sharp rise in EBIT, reaching USD 6.5 billion, reflecting a 65% increase, whereas Hapag-Lloyd’s EBIT improved only slightly to USD 2.8 billion based on preliminary figures. While Maersk capitalized on elevated freight rates driven by disruptions in the Red Sea, Hapag-Lloyd maintained stable pricing, transporting 12.5 million TEU, a 5% increase from the previous year.
Both companies faced operational challenges due to rerouting vessels around the Cape of Good Hope, leading to longer transit times and additional costs. However, Maersk’s diversified business model, spanning logistics and terminals, provided greater resilience against market volatility compared to Hapag-Lloyd’s more shipping-centric approach.
Looking ahead, both companies anticipate continued demand growth in 2025, but market conditions will largely depend on capacity expansions and freight rate developments. Hapag-Lloyd’s full audited results, set for release in March 2025, will provide further clarity on its financial standing and strategic outlook.
Maersk EBIT rises to $6.5bn in 2024
A.P. Moller – Maersk posted robust financial results for 2024, with revenue increasing to USD 55.48 billion, reflecting growth across all segments. The Danish shipping giant reported a 65% rise in EBIT to USD 6.5 billion, driven by higher container demand, elevated freight rates, and record-breaking terminal performance.
Freight rates surged due to disruptions in the Red Sea, while stable operational costs helped offset increased fuel consumption as vessels rerouted via the Cape of Good Hope. CEO Vincent Clerc highlighted Maersk’s ability to “navigate shifting circumstances and ensure steady supply chains,” which contributed to record-high customer satisfaction.
“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,” Clerc stated.
Segment Performance
- Ocean operations generated USD 37.39 billion in revenue, with EBIT soaring to USD 4.74 billion. Strong volume demand and cost discipline contributed to improved profitability.
- Logistics & Services saw 7% growth, reaching USD 14.92 billion, with warehousing and air freight showing solid expansion.
- Terminals reported its best-ever financial performance, with EBIT reaching USD 1.33 billion, aided by higher tariffs and increased storage revenue.
Maersk has announced a share buy-back program worth up to DKK 14.4 billion (around USD 2 billion), to be executed over 12 months. The first phase, running from 7 February to 6 August 2025, will allow the acquisition of shares valued at DKK 7.2 billion (USD 1 billion).
With container volume growth projected at 4% for 2025, Maersk expects continued supply-demand imbalances, though a possible reopening of the Red Sea mid-to-late 2025 could influence market dynamics.
Hapag-Lloyd’s volumes up 5% in 2024
Hapag-Lloyd posted stable financial results for 2024, increasing its transport volume by 5% to 12.5 million TEU while maintaining a steady average freight rate. The German shipping company reported USD 20.7 billion in revenue, up from USD 19.4 billion in 2023, while EBIT improved slightly to USD 2.8 billion.
The company’s performance was driven by higher transport demand, despite longer voyage times due to rerouting vessels via the Cape of Good Hope to avoid security risks in the Red Sea.
“Our strong performance in 2024 reflects robust demand for container transport, which allowed us to maintain stable freight rates while increasing our transport volumes,” Hapag-Lloyd stated in its preliminary business figures release.
Key Figures:
- Transport volume: 12.5 million TEU (+5% YoY).
- Freight rate: USD 1,492 per TEU, similar to 2023 levels.
- EBIT: USD 2.8 billion, a slight increase from USD 2.7 billion in 2023.
- EBITDA: USD 5.0 billion, up from USD 4.8 billion.
Hapag-Lloyd’s full audited financial report and 2025 outlook will be published on March 20, 2025.