In what Vincent Clerc called a “transitional year”, the shipping giant saw revenue and EBITDA fall on 2022
AP Moller-Maersk has revealed its full-year results for 2023, describing its financials as “solid” and in line with guidance despite a “difficult environment”.
The group said that while volumes were up across most products and strong cost control helped improve results, rates continued to erode, particularly in the ocean segment.
Revenue for 2023 was US$51.1bn, down from US$81.5bn in 2022, with an EBIT margin of 7.7 per cent impacted by declining freight rates.
EBITDA for the year also fell, from US$36.8bn to US$9.59bn, in line with financial guidance.
”2023 was a transitional year following the extraordinary market boom caused by the pandemic,” said CEO Vincent Clerc. ”We secured solid financial results despite significantly changed circumstances, and we are well positioned to manage the expected headwinds in 2024.
”By taking early and decisive measures to enforce strict cost management, we adapted to the new reality,” he explained. ”We need to see further progress in the logistics business to align with our targets, as we continue to push our transformation forward and enhance our competitiveness.
”The current market remains one of robust volumes, but while the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results,” Clerc noted.
”The ongoing disruptions and market volatility emphasise the need for supply chain resilience, further confirming that Maersk’s path toward integrated logistics is the right choice for our customers to effectively manage these challenges.”
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