Maersk reveals preliminary Q2 revenue of $12.8 billion

A.P. Moller – Maersk (Maersk) has reported unaudited revenue of $12.8 billion, underlying EBITDA of $2.1 billion and underlying EBIT of $756 million (reported EBIT of $963 million) for Q2 2024.

The shipping giant has revised its full-year 2024 guidance due to ongoing supply chain disruptions caused by the situation in the Red Sea. These disruptions are now expected to continue until at least the end of 2024, despite strong demand in the container market.

Maersk now expects underlying EBITDA of $9 to 11 billion and EBIT of $3 to 5 billion (previously $7 to 9 billion and $1 to 3 billion, respectively), and free cash flow of at least $2 billion (previously at least $1 billion).

The outlook for the global container market volume growth for the full year 2024 has been revised up to 4-6 per cent (previously towards the upper end of 2.5-4.5 per cent).

READ: Fire aboard Maersk vessel claims one life

Trading conditions remain subject to higher-than-normal volatility given the unpredictability of the Red Sea situation and the lack of clarity of supply and demand in Q4.

The Danish shipping company will publish its full Q2 interim results on 7 August 2024.

Last month, the Ministry of Transportation and Telecommunications, the Ministry of Industry and Commerce, and Maersk signed a Memorandum of Understanding (MoU) to examine and implement a ship recycling programme in Bahrain.

More recently, Maersk Line Limited reached a settlement with the U.S. Department of Labor after the company terminated a seaman who reported safety concerns to the U.S. Coast Guard without first informing their employer.