Strong market demand, Maersk’s second quarter 2024 results strong growth
Maersk maintained its positive momentum in the second quarter of 2024, achieving significant growth in all divisions and significantly improving its financial performance. Also read: Maersk predicts Red Sea conflict will continue until 2024 The company reported an EBIT margin of 7.5%, a significant improvement from 1.4% in the first quarter. Ocean Freight profitability improved significantly, while Logistics and Services continued to expand steadily. The Terminals division also performed strongly. On August 1, Maersk revised its 2024 forecast, citing the expansion of the Red Sea crisis and continued strong market demand as key factors. As supply chain pressures intensified, freight volumes in the ocean freight sector grew significantly and freight rates rose, especially for goods from Asia. However, the Red Sea crisis and the need to reroute vessels south of the Cape of Good Hope led to increased operating costs. Despite these challenges, profitability returned to positive territory. While earnings were lower than in the same period last year, performance…
Maersk’s road to carbon neutrality still requires LNG
AP Moller-Maersk is still working towards its carbon emissions targets, but market forces require them to take an alternative route. Also read: Maersk predicts Red Sea conflict will continue until 2024 Methanol has been promoted as an alternative to heavy fuel oil, known as bunker fuel, which has long powered shipping vessels and contributes 3% of all global greenhouse gas emissions each year. Like many other shipping giants, Maersk has signed contracts and ordered 25 ships that can run on bunker fuel and methanol. However, the supply of methanol has been a problem that has plagued the industry and ultimately the cost of this industry change. Global methanol production will be around 30,000 tonnes at the end of 2022. Maersk alone will need nearly 1 million tonnes to operate its new ships for a year. Nearly two years later, the oversupply situation has not improved, and the price of available green methanol is almost twice that of marine fuel. Green…
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