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1、Annual Report 2024A.P.Mller-Mrsk A/S Esplanaden 50,DK-1263 Copenhagen K|Registration no.22756214ALL THE WAYA.P.Moller-Maersk(Maersk)has prepared an integrated Annual Report in 2024 and no longer publishes separate sustainability and financial reports.About this reportThe 2024 Integrated Annual Repor

2、tIn accordance with the Corporate Sustainability Reporting Directive(CSRD),the 2024 Annual Report has been prepared as one report,integrating the sustainability and financial reports and embedding the mandatory European Sustainability Reporting Standards(ESRS).As a result,the new sustainability stat

3、ement has been included in the Management Review.The sustainability statement is prepared in accordance with sections 99a,99d and 107d of the Danish Financial Statements Act.The 2024 Annual Report is prepared using the incorporation by reference method,where some required disclosures as per the ESRS

4、 are not included in the sustainability statement and are instead integrated into other parts of the Annual Report and the Remuneration Report.The Annual Reports consolidated financial statements have been pre-pared in accordance with IFRS Accounting Standards as adopted by the EU and further requir

5、ements in the Danish Financial Statements Act.The Annual Report furthermore provides detailed disclosures of the companys performance,strategy,corporate governance,sustainability statement and financial results,including the Q4 results.Remuneration Report and policyThe Remuneration Report provides a

6、 full overview of the remuneration of the Board of Directors and the Executive Board of A.P.Mller-Mrsk A/S.The remuneration policy outlines the principles of remuneration design,the total remuneration by components and how each component supports the achievement of the strategy,long-term interest an

7、d sus-tainability of the company.Both the report and the policy are available at governance statementThe statutory corporate governance statement for A.P.Mller-Mrsk A/S forms part of the Management Review of the Annual Report and includes the status of compliance with the Recommendations for Corpora

8、te Governance issued by the Danish Committee on Corporate Governance in December 2020 and implemented by Nasdaq Copenhagen.Tax ReportThe Tax Report presents the tax strategy and tax principles as approved by Management.Additionally,insights into the tax impact on business activities and tax contribu

9、tions are provided in the Tax Report.The Tax Report is available at reports The Annual Report for Maersk in PDF format,the XHTML version submitted to the Danish Financial Supervisory Authority and additional reports with complementary information can be downloaded here: and followIncorporation by re

10、ferenceMandatory disclosures as per the ESRS which have been placed outside of the sustainability statement have been marked as such and are presented within the body of text,(example of incorporation by reference ESRS-X X),or with the disclosure require-ment reference in the top corner,indicating t

11、hat the full page,column or table is referenced.A list of information and data points that have been placed outside of the sustainability statement can be found in the index of information of the sustainability statement,see page 56.ContentsExecutive summaryCorporategovernanceThe integratorSustainab

12、ility statementPerformanceFinancials06 Letter from the Chair and the CEO08 Financial summary09 Sustainability summary10 Five-year summary 45 Shareholder information47 Corporate governance49 Remuneration50 Board of Directors52 Executive Board and Executive Leadership Team12 Our purpose13 Business mod

13、el14 Market environment17 Strategy20 Risk management54 General disclosures76 Environmental disclosures109 Social disclosures126 Governance disclosures26 Financial review28 Financial guidance and ESG targets30 Segment overview31 Ocean34 Logistics&Services36 Terminals 39 Quarterly summary40 Q4 2024 re

14、sults137 Consolidated financial statements183 Parent company financial statements197 Managements statement198 Independent Auditors Reports201 Independent Auditors limited assurance report on the Sustainability Statement203 Definition of termsManagement ReviewFinancials3A.P.Moller-MaerskAnnual Report

15、 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityHighlights 202422 NovemberBreaking ground of Suape TerminalConstruction began on Latin Americas first 100%electrified container terminal in Suape,Brazil.The terminal is expected not only to accelerate regional

16、 develop-ment,but will also increase container handling capacity by 55%.17 JanuaryGemini Cooperation announcedMaersk and Hapag-Lloyd signed a long-term operational collaboration agreement to start in February 2025,with the target of delivering schedule reliability above 90%for services under the Gem

17、ini scope of trades,once fully phased in.During October,it was announced that the Cape of Good Hope network would be utilised initially.30 AprilSvitzer demergerMaersks Towage business,Svitzer,was demerged and separately listed on Nasdaq Copenhagen,resulting in the distribution of Svitzer shares to M

18、aersk shareholders.4 NovemberFirst dual-fuel retrofitMaersk Halifax was converted into the worlds first retrofitted dual-fuel methanol vessel.9 FebruaryAnnouncement of SBTi validation of climate targetsMaersks greenhouse gas emission targets were validated by the Science Based Targets initiative(SBT

19、i)to be in line with net-zero 2040 and the Paris Agreements 1.5-degree pathway towards 2030 an industry first under SBTis new Maritime Guidance.17 FebruaryAne MrskAne Mrsk,the worlds first large dual-fuel methanol vessel,made its maiden voyage on green methanol,arriving in Tanjung Pelepas,Malaysia.T

20、he vessel was named after Ane Mrsk Mc-Kinney Uggla.13 JulyMaersk SwanMaersks first Boeing 777F,Maersk Swan,arrived in Billund,Denmark.4A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainability Ruakura,New ZealandExecutive Summary Letter

21、 from the Chair and the CEO Financials summary Sustainability summary Five-year summaryCold chains and climate change Cold chain logistics are crucial to global food supply chains and a key opportunity to reduce greenhouse gas emissions.In 2024,Maersk opened the Ruakura Superhub integrated cold chai

22、n facility in Hamilton,New Zealand.Ruakura enables customers,including Fonterra,New Zealands largest dairy company,to seamlessly transfer goods between various transport modes along the strategic Auckland-Tauranga trade corridor,which handles 65%of the countrys freight.The cutting-edge facility incl

23、udes rooftop solar panels,rainwater collection and reuse as well as electric vehicle charging stations,and uses CO2 instead of ammonia in all freezers.5A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityThe Red Sea became a focal

24、point of disruption in 2024,with attacks by Houthi forces resulting in unacceptable safety risks for crew and cargo along a critical trade route.Initially uncertain in duration,the crisis persisted throughout the year,underlining the vulnerabilities of global supply chains.Increased freight rates dr

25、iven by the situation in the Red Sea,combined with our ability to capitalise on higher-than-expected demand,strong operational execution and cost discipline,led us to repeatedly raise expectations through-out the year,ultimately delivering results significantly above initial guidance.Value for custo

26、mers and strong cost discipline We sustained progress in both customer satisfaction and cost management despite the unexpected operational implications and added costs of re-routing vessels around the Cape of Good Hope.To provide the best possible service during times of high volatility and low visi

27、bility,we leveraged our hub terminals and invested in additional capacity and equipment to mitigate disruptions.Still,the situation presented signifi-cant challenges for all Ocean customers.We were pleased that our handling Entering 2024,we anticipated a challenging year ahead.With constant care,we

28、proactively took steps in 2023 to align our organisation and cost structure with the expected subdued market demand and a contrasting increase in industry capacity.These measures proved vital as the year brought its share of unforeseen obstacles,testing our resilience and ability to navigate uncerta

29、inties in ever-shifting global circumstances.LETTER FROM THE CHAIR AND THE CEOCommitment to lead in a changing world6A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityof the situation was recognised as the best in the industry,re

30、flected in a 28%improvement in customer satisfaction over the course of the year.At the same time,our focus on cost management,productivity improvements and efficient asset utilisation helped mitigate cost pressures and ensure operational resilience.Driving energy transition to future-proof customer

31、 supply chains During the year,we welcomed seven new dual-fuel methanol vessels to the fleet,while also progressing on our fleet renewal programme with an order of 800k TEU of new capacity,comprising 50-60 dual-fuel vessels,scheduled to enter into service between 2026 and 2030.These vessels will rep

32、lace end-of-life ships and will be a combination of owned and time-chartered vessels,ensuring flexibility while maintaining owner ship of essential tonnage.Industry expectations point to a multi-fuel future,and we are preparing to manage a fuel portfolio that supports our network while aligning with

33、 the transition toward low-emission energy solutions.Vessel re-routing around the Cape of Good Hope increased emissions,which combined with inflationary pressures impacting the demand for lower-emissions transport,underscored the need for regulatory solu-tions to drive a timely transition.Network of

34、 the future In early 2024,we announced the Gemini Cooperation,our network of the future,which was officially launched on 1 February 2025.Throughout the year,we focused on preparing for the implementation of this new modular network designed to move our customers cargo in a more reliable and efficien

35、t manner.The network is enabled by our own hub terminals,supported by investments to ensure fast and efficient transhipment.Once fully phased in,we will reduce stops per loop by approximately 40%and shorten loops by around 15%in terms of sailed miles,ultimately leading to improved asset turnover.The

36、 higher asset turnover translates to increased flexibility in the deployment of our fleet,while the new network also enables further reductions in our overall cost base.With an aspiration of 90%reliability in the Gemini network,we are significantly improving quality for customers and strengthening o

37、ur end-to-end logistics offerings.Continued progress with focus on profitable growth We continued to make progress in our Logistics&Services business,addressing the operational challenges in Ground Freight and Warehousing that marked the beginning of the year.We experienced good momen-tum across our

38、 product portfolio and regions,with increased volumes and new customer wins.This resulted in an improved EBIT margin,reaching 3.6%for the full year 2024.The higher profitability was driven particularly by stronger performance in our most integrated end-to-end service,Lead Logistics,as well as favour

39、able rate developments in Air and operational efficiency gains across all products.We enter the new year with a logistics business that is stronger and more resilient at its core and remain committed to work towards achieving our EBIT margin target of above 6%.During 2024,we concluded the integratio

40、n of LF Logistics,with 10,000 colleagues and 155 warehouses fully incorporated into the Maersk network.Not only did we retain all key clients,we also attracted new customers along the way and strengthened our global contract logistics capabilities through the adoption of the Maersk Warehouse Managem

41、ent System.APM Terminals delivered record revenue,achieving an impressive 16%year-on-year increase,driven by higher volumes,tariffs and storage income.Volume growth led by significant increases in North America and the restored operations at our Mumbai terminal helped offset challenges in the Red Se

42、a region.This strong performance combined with disciplined cost management boosted the EBIT margin to 29.8%and drove a return on invested capital of 13.5%.The strength of our terminal business was further supported by the renewal of key concessions in Santos,Brazil,and Aqaba,Jordan.Meanwhile,we cont

43、inued to invest in growth,including two greenfield projects in Brazil and Croatia,expanding the portfolio of world-class gateway terminals.The right strategy for an era of rapid change As we enter 2025,we face a year of continued geopolitical change and potential instability,but also one offering si

44、gnificant opportunities to advance our strategic intent.We are confident in our ability to further strengthen our foundation and provide our customers with a competitive advantage by delivering flexible logistics solutions capable of navigating highly transformative times.We extend our heartfelt tha

45、nks to all A.P.Moller-Maersk colleagues worldwide for their tireless efforts and steadfast commitment to supporting our customers and advancing the development of our company through ever-changing circumstances.Our gratitude also goes to the Executive Leadership Team and the Board of Directors,with

46、a special welcome to Allan Thygesen,who joined the Board in 2024.Finally,we extend our deepest gratitude to our customers.Vincent ClercCEO of A.P.Mller-Mrsk A/SRobert Mrsk UgglaChair of A.P.Mller-Mrsk A/S7A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governan

47、ceFinancialsSustainabilityEBITRevenueFree cash flowQ1Q2Q3Q4Coming out of a year of normalisation,Q1 results reflected the disrupted network and supply chain impacts of the Red Sea situ-ation.While freight rates consequently went up,they were partially offset by the normal seasonal vol-ume decline in

48、 Ocean.Cost control measures put in place in 2023 started to material-ise,and the refocus-ing on core business in Logistics&Services resulted in the stabili-sation of revenue.Revenue continued to increase sequen-tially as the Red Sea situation became entrenched.Container demand strengthened,and supp

49、ly chain dis-ruptions continued.Revenue per move increased in Terminals,and increasing volumes in Logistics&Services resulted in the beginning of recovery,with sequen-tial growth of 3.7%.A general rebound began to emerge,with revenue trending above the pre-pandemic levels of 2020 and early 2021.Frei

50、ght rates peaked as supply chain pres-sure did not dissipate during the quarter and demand continued to be strong.Geopoliti-cal tensions persisted,acting as the main source of volatility for the economy and for trade and logis-tics.Volumes were up across segments,and the rebound in profit-ability st

51、emmed from peak rates,generally higher volumes and continued SG&A cost control,reaping the benefits of cost measures put in place during 2023.Container demand,while starting to weaken in Q4,re-mained relatively strong as Ocean vol-umes increased from the previous year and minimally decreased from Q3

52、.Ocean loaded freight rates declined by 18%from the Q3 peak as anticipated capacity began to enter the market.Despite rate volatility in the logistics industry,rev-enue remained stable in Logistics&Services.Terminals finished the year strong,with a 17%increase in revenue year-over-year.For specifics

53、 on the financial performance,see pages 26-27.For 2024 guidance,the roadmap to 2025 and the ESG targets towards 2040,see pages 28-29.USDbnUSDbnUSDbn6.5 bn55.5 bn5.1 bn(USD 3.9bn)(USD 51.1bn)(USD 4.0bn)EBIT increased by USD 2.6bn with positive impacts from higher freight rates and improved volumes ac

54、ross all segments.Free cash flow increased by USD 1.1bn due to increased profit for the year by USD 2.3bn,partly offset by the negative effect of increased net working capital compared to the unwinding seen in 2023,as well as increased CAPEX.FINANCIAL SUMMARYPrevailing in a year of supply chain disr

55、uptions20245.12022202327.14.020246.52022202330.93.92024 was a year with macroeconomic pressures,geopolitical tensions and unpredictability.Despite this,A.P.Moller-Maersk(Maersk)showed resilience in 2024 and doubled down on core logistics activities,sup-porting the integrator strategy.Following the u

56、nprecedented pandemic peak in 2022 and the inventory correction seen in 2023,2024 reflected a strong rebound in profitability,far surpassing pre-pandemic levels and culminating in the third-best year in Maersks history.Logistics&ServicesTerminalsOceanQ1 2022Q1 2023Q1 2024Q2 2024Q3 2024Q4 2024Revenue

57、 illustrated in quarters5,000010,0008A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilitySUSTAINABILITY SUMMARYIn 2024,A.P.Moller-Maersk(Maersk)continued to mature roadmaps and processes and took tangible steps to fully integrate E

58、SG into the companys business,delivering progress towards its environmental,social and governance commitments despite an uncertain and challenging operating environment.Green fuel transition Maersk welcomed seven dual-fuel methanol vessels to its fleet in 2024,as well as the Maersk Halifax the world

59、s first retrofitted dual-fuel methanol vessel.Maersk also announced a renewal plan for its owned and time-chartered fleet with some 50-60 dual-fuel vessels totalling 800k TEU to begin service in 2026-2030.In 2024,Maersk entered into another significant long-term offtake agreement for biomethanol fue

60、l.The first volumes from this agreement are expected in 2026.Maersks combined methanol offtake agreements now meet more than 50%of the dual-fuel methanol fleet demand in 2027.Progress on ESG commitmentstowards 2030SafetyClimate change1.53(1.14 LTIf)202483.559.82030In 2024,the lost time incident freq

61、uency rate increased from 1.14 to 1.53,driven by increases in lost time incidents in our Logistics&Services and APM Terminals businesses,as well as an improved reporting culture.LTIfGHG emissions,m tonnes CO2e/yearMaersk continued increasing the energy effi-ciency of its fleet through more energy-ef

62、ficient operations and new technologies.This lowered the emissions intensity of ocean operations,EEOI,from 11.7 in 2023 to a record low of 11.1 in 2024.However,despite the improved efficiency,Maersks absolute greenhouse gas emissions increased from 2023 to 2024.This was mainly driven by the Red Sea

63、situation that continued to re-route vessels around the Cape of Good Hope in 2024,with knock-on capacity shortages and port congestion,requiring faster sailings to keep the Asia-Europe supply chains running.At the industry level and for Maersk,these dis ruptions contributed to increased emissions wh

64、ich could not be offset by progress in energy efficiency and the transi-tion to green fuels,underscoring the need for regulatory solutions at a global industry level.Maersk remains committed to its climate targets and transition plan towards 2030.Diversity35%(35%)The share of women in manage-ment ro

65、les for the year was 35%1,which is comparable to 2023.Maersks target is to reach 40%by 2025.%headcountScope 2Scope 3Scope 1Science-based targets towards 2030203020232024For information on the transition plan and the emission reduction levers we will apply:GO TO OUR TRANSITION PLAN2022(baseline)Scope

66、 3 target-22%Scope 1 target-35%Scope 2 target-100%82.883.577.759.82024202320221.531.1410.931 2023 restated from 1.11.20242023202235%35%33%1 Excluding seafarers.9A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityFive-year summaryI

67、ncome statement20242023202220212020Revenue55,48251,06581,52961,78739,740Profit before depreciation,amortisation and impairment losses,etc.(EBITDA)12,1289,59136,81324,0368,226Depreciation,amortisation and impairment losses,net6,2206,6156,1864,9444,541Gain on sale of non-current assets,etc.,net2225231

68、0196202Share of profit/loss in joint ventures and associated companies369435132486299Profit before financial items(EBIT)6,4993,93430,86019,6744,186Financial items,net317428-629-944-879Profit before tax6,8164,36230,23118,7303,307Tax584454910697407Profit for the year 6,2323,90829,32118,0332,900A.P.Mll

69、er-Mrsk A/S share6,1093,82229,19817,9422,850Underlying profit6,0953,95429,70318,1702,960Balance sheetTotal assets87,69782,578193,68072,27156,117Total equity57,94755,09065,03245,58830,854Invested capital50,56450,43052,41044,04340,121Net interest-bearing debt-7,373-4,658-12,632-1,5309,232Cash flow sta

70、tementCash flow from operating activities11,4089,64334,47622,0227,828Repayments of lease liabilities3,0513,2263,0802,2791,710CAPEX4,2013,6464,1632,9761,322Cash flow from financing activities3,50016,80514,1357,9005,618Free cash flow5,1143,96727,10716,5374,6481 Restated in 2024.Refer to note 1.1 gener

71、al accounting policies in the consolidated financial statements for details.Financial ratios20242023202220212020Revenue growth8.6%-37.4%32.0%55.5%2.2%EBITDA margin21.9%18.8%45.2%38.9%20.7%EBIT margin11.7%7.7%37.9%31.8%10.5%Cash conversion94%101%94%92%95%Return on invested capital after tax(ROIC)12.3

72、%7.4%60.4%45.3%9.4%Equity ratio66.1%67.1%69.4%63.1%55.0%Underlying ROIC 12.0%7.5%61.2%45.7%9.6%Underlying EBITDA12,1339,77136,84324,0368,324Underlying EBITDA margin21.9%19.1%45.2%38.9%20.9%Underlying EBIT6,3563,96231,24419,8084,231Underlying EBIT margin11.5%7.8%38.3%32.1%10.6%Stock market ratiosEarn

73、ings per share,USD 3872271,600941145Diluted earnings per share,USD 3872271,595938145Cash flow,operating activities per share,USD7235721,8891,155399Dividend per share,DKK1,1205154,3002,500330Dividend per share,USD1557462338155Share price(B share),end of year,DKK11,90512,14015,62023,45013,595Share pri

74、ce(B share),end of year,USD1,6681,8002,2423,5762,246Total market capitalisation,end of year,USDm25,69828,54139,13564,25941,957For definition of terms,see page 203.Amounts in USD million10A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustai

75、nabilityLong-haul routes take flightAir cargo is an essential and integrated part of many customers global supply chains,particularly for high-value goods or those requiring rapid delivery.However,it remains one of the most challenging transport modes to decarbonise due to the scarcity and high cost

76、 of sustainable aviation fuel.In 2024,Maersk expanded its fleet with two Boeing 777F aircraft,among the most fuel-efficient freighters in the industry especially for long-haul operations.The first aircraft,the Maersk Swan,was delivered at a ceremony at Boeings headquarters in Seattle,USA.Seattle,USA

77、The integrator Our Purpose Business model Market environment Strategy Risk management11A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainability*Gateway terminalsTerminals*Moves in 202413.1mVessel calls13,980+Operating facilities across

78、 28 countries;3 new port projects53Logistics&Services8,800k+sqm warehousing capacity worldwide across500+sitesCountries with EV truck solutions in operation or under trial14First Mile volumes managed(m FFE)6.8OceanLarge dual-fuel methanol vessels delivered in 20247Containers per annum(m FFE),serving

79、 over 500 ports worldwide12.4Container vessels deployed700+Improving life for all by integrating the worldA.P.Moller-Maersk(Maersk)is an integrated logistics company working to connect and simplify its customers supply chains.As a global leader in logistics services,the company has 100,000+customers

80、,operates in almost 130 countries and employs 100,000+people.Maersk is committed to reaching net-zero emissions by 2040 across the entire supply chain with new technologies,new vessels and green energy solutions.OUR PURPOSE8.8m+sqm warehousing capacity worldwide in 500+sites700+container vessels dep

81、loyed,12m+FFE transported6.8m FFE First Mile volumes100,000+employees operating in almost 130 countries53 terminals across 28 countries12A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityOur business and how we create valueA.P.Mo

82、ller-Maersk is a purpose-driven company.The increasing complexity in global supply chains drives the need for integrated logistics.We aim to fulfil that need by responsibly delivering better,simpler and more reliable outcomes for our customers.Operational excellenceBUSINESS MODELCustomer synergiesOp

83、erational synergiesLogistics&ServicesOceanTerminalsWhat we depend onSBM-1 42 SBM-1 42a SBM-1 42bValue created forPurpose-driven people and our cultureOur talented,diverse team of 100,000+employees across around 170 nationalities.Our brandFor over a century,we have built partnerships with customers,e

84、nabling them to prosper by facilitating global trade.Natural resourcesOur business relies on natural resources such as steel for our assets and fossil fuels and biomass for conventional and green fuels.Stakeholder relationships and partnershipsWe rely on constructive relationships with customers,sup

85、pliers,employees and authorities as well as other key stakeholders.Assets and end-to-end delivery networkOur assets,supplier relationships and logistics expertise ensure resilient supply chains.Financial capitalWe have a strong balance sheet and are committed to remaining investment grade-rated.Tech

86、nology and dataTechnology and data are key to connecting and simplifying supply chains.Our customersWe aspire to provide truly integrated logistics for 100,000+customers supply chains,while helping them meet their decarbonisation commitments.Our peopleWe keep our people safe and engaged while offeri

87、ng equitable and interesting career paths.SocietyBy integrating global logistics,we improve the flow of goods and materials that sustain people,businesses and economies the world over and contribute to improved quality of life and prosperity.The planetMaersk is a significant emitter of greenhouse ga

88、ses and we are committed to realising net-zero emissions by 2040.ShareholdersIn our transformation to become the integrator of container logistics,we continue to innovate and grow shareholder value.Operational excellence is achieved through the enablers of ESG,Technology and People.Customer and oper

89、ational synergies are unleashed from the integrated businesses of Ocean,Logistics&Services and Terminals.See page 18.Customers and growth13A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityGeopolitical and environmental events re

90、shaped supply chains in 2024The geopolitical landscape of 2024 has profoundly influenced global trade and logistics,introducing challenges and redefining established flows.The re-routing of vessels around the Cape of Good Hope has altered trade routes and absorbed significant shipping capacity,causi

91、ng new strain on global supply chains.Simultaneously,trade tensions between China and the West have escalated.Both the US and the European Union implemented new import tariffs on Chinese goods in 2024.The focus on electric vehicles signalled the intent to protect strategic domestic industries.Tariff

92、s,however,are not the only policy tool affecting trade.Security concerns are increasingly impacting supply chains,through sanctions and export controls for example.Adding to the complexity,climate events have taken a toll on logistics infrastructure.In 2024,219 extreme weather events were recorded,a

93、n increase of 83%compared to 2023,causing widespread damage.The intense hurricane season in the US and the devastating floods in Spain not only caused high death tolls,but also paralysed regional logistics.Enhancing terminal infrastructure has become not just a matter of sustainability,but a critica

94、l factor for maintaining resilience in an increasingly volatile environment.Labour unrest has further disrupted shipping and logistics in 2024,forcing shippers to implement advanced inven-tory strategies and leaving operators grappling with backlogs.Amid these disruptions,the global economy has show

95、n resilience,though growth remains uneven across geographies and industries.On the consumption side,growth is led by the US,where goods demand remained elevated throughout 2024,with a growth rate of 2.3%year-over-year until November.On the production side,global growth is driven by China,where the e

96、conomy continues to be characterised by manufacturing overcapacity and weak domestic demand.In the Euro Area,retail sales(excluding food and fuel)finally showed improvement,growing 2.6%year-over-year in Q3 and 2.3%year-over-year in the first two months of Q4,following two years of flat development.H

97、owever,announcements of plant closures from established companies underscore the structural issues with European manufacturing that pile on top of the cyclical downturn of the sector.Expectations for a European recovery in 2025 have been downsized by analysts as CEO confidence tumbled in November.De

98、spite an uncertain outlook,global container demand and trade remained robust throughout 2024.Container trade and logistics in 2024:a year of unexpectedly strong demandThe global container market went through a robust recovery in 2024,with growth estimated around 7%for the full year(Figure 1).Import

99、volumes were particularly strong into North America(14%)and Latin America(12%).Far East imports were remarkably weak(1%)while imports into Africa came out negative(-1%)(Figure 3).All verticals showed healthy growth,and the strongest verticals were Technology,Retail and Lifestyle.Export growth out of

100、 China was the ultimate growth driver in 2024.During the year,China continued to increase its footprint in all regions,except for North America.The Chinese share of global exports increased from 32%in 2019 to 34%in 2023 and is estimated to be around 36%in 2024(Figure 2).The reason for this developme

101、nt is overcapacity in the Chinese manufacturing sector,which has driven export price deflation in 2023 and 2024 and improved the price competitiveness of Chinese exports.Simultaneously,European and North American shares of exports declined in 2024 compared to 2019 by 2.9 and 2.0 percentage points,re

102、spectively.On the supply side of the container market,nominal capacity expanded by 10%in 2024,driven by a large influx of deliveries.Around 3m TEU of new capacity has been delivered,equivalent to more than 10%of the fleet.However,despite the large influx of new vessels,capacity remained scarce.Not o

103、nly did demand keep surprising shippers and carriers to the upside,but the Red Sea disruption meant additional capacity was needed to cope with the re-routing of key services around the Cape of Good Hope.Consequently,freight rates rose substantially.The Shanghai Containerized Freight Index(SCFI)incr

104、eased from around 1,000 on the eve of the escalation of attacks in mid-December 2023,to a peak of almost 3,750 at the beginning of July 2024.On average,the SCFI was around 150%higher in 2024 than in 2023.Geopolitics and climate change disrupt supply chains Geopolitics and climate change left a deep

105、mark on supply chains in 2024,yet economic growth remained surprisingly resilient,resulting in strong demand for container trade and logistics services.2025 will once again challenge customers supply chains and require partnerships to navigate a complex landscape,shaped by geopolitical uncertainties

106、,climate and cybersecurity risks,regulatory shifts and technological innovation.MARKET ENVIRONMENTQ1Q2Q3Q4Full year 2024012104826 Container trade Air freight forwarding Contract logisticsFigure 1Global market demandYear-on-year%changeSource:Maersk Strategic Insights.1 Data based on actuals until and

107、 including:November 2024 Container trade,October Air freight forwarding and September 2024 Contract logistics.2 The remainder of 2024 data is based on estimates.3.36.16.814A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityGlobal

108、air freight forwardingGlobal air freight forwarding demand started the year on a weak foot but gradually gained momentum.Full-year growth is estimated at 6%.October,the latest actual available,marked a high at 11%.Demand has been supported by Red Sea-induced modal shifts from Ocean and continued str

109、ong growth within e-commerce,especially out of Asia.Growth not only strengthened,but also broadened throughout the year,with import volumes growing across all regions and all verticals(with the exception of automotive)contributing to pos-itive developments.On the export side,Far East Asia stands out

110、 for robust growth,while on the import side,Europe led the recovery.During 2024,supply struggled to keep up with demand that often surprised on the upside,especially during the second half of the year when strikes and supply-chain issues delayed the deliv-ery of new aircraft.To accommodate demand gr

111、owth,frequency of flights and tonnes per fleet increased.Utilisation,however,is highly unbalanced,with capacity being constrained on select headhaul routes and severely underutilised on the same backhaul.The balance is both a drag on volume growth and push on rates,which hovered around 2.1 USD/k in

112、2024,which is low compared to recent years but one third higher than 2019 levels.Contract logistics Contract logistics demand increased by around 3%in 2024,driven by US consumer spending and manufac-turing in China.Demand was weaker in Europe where low production levels in Germany counterbalanced st

113、rong growth in emerging fulfilment markets like Poland and moderate growth in the rest of the regions Figure 3Container import and export by region in 2024year-on-year%changeNorthAmerica14Global 7Intra-America 5Latin America 12Africa-1Intra-Europe 8Intra-Asia 7West Central Asia4Africa 8Far East1Far

114、East11NorthAmerica0Latin America 7West Central Asia4Oceania6Oceania6Europe6Europe0Source:Maersk Strategic Insights.1)Data on geographical regions excludes intra-regional.2)Data includes actuals for Q1-Q3 and estimates for Q4.3)Colours indicate growth strength based on the 2024 growth relative to the

115、 2011-19 average growth.Very strong Strong Neutral Weak Very weak Inbound Outboundlarger economies.Indias contract logistics market saw double-digit growth,supported by higher levels of both production and consumption,as well as some base effects from a weak second half of 2023.Warehousing vacancy r

116、ates steadily increased throughout 2024 in the US,reaching 6.7%in Q4.This was driven by shippers adjusting operations after the demand normalisation of 2023 and an influx of specu-lative construction adding to capacity.Despite the rise,vacancy rates remain low compared to historical averages.In Euro

117、pe,vacancies followed a similar trend,climbing to 5.9%in Q3.2014Source:Maersk Strategic Insights.201520162017201820192020202120222023202430363335323431Figure 2Chinas share of global container exportsPercentage15A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate go

118、vernanceFinancialsSustainabilityAdvanced warehouse automation is the dominant trend in this market.Fulfilment and distribution opera-tions demand higher efficiency due to ongoing e-commerce growth and rising labour costs.Simultaneously,investments in automation technology are becoming more accessibl

119、e and easier to implement.Ground freight in US and EuropeGround freight demand experienced subdued growth in both the US and Europe.In the US,demand fell by 0.6%year-over-year over the first ten months of 2024,with stabilisation mid-year followed by sequential growth in the second half.Truckload dem

120、and mirrored the downturn in the manufacturing sector,which saw consistently weak production volumes.Less-than-truckload volumes faced sharper fluctuations,but while overall demand was weak,growth in e-commerce,particularly heavy and bulky last-mile shipments,helped partially offset declines.While t

121、ruckload demand in the US remained weak throughout 2024,sup-ply,driven by small fleets and owner-operators,was high.Truckload spot rates have been rising since mid-2024,with a stronger surge in Q4.However,contract rates have been on a downward trajectory through-out 2024.The less-than-truckload mark

122、et faced capacity constraints due to disruptions from Yellows bank-ruptcy,which significantly impacted terminal networks.These constraints outweighed the effects of weak demand,leading to sustained rate increases over the course of the year.In Europe,road freight demand remained flat,hindered by wea

123、k manufacturing output.As a result,rates have fallen from the Q3 2022 peak,although due to a structural increase in costs across the region rates remain above 2021 levels.The outlook for 2025:Major challenges call for strong partnershipsMore balanced economic growth in 2025Economic growth in 2025 is

124、 expected to expand further,with Oxford Economics forecasting global eco-nomic growth at 2.8%.Western central bank rate cuts are expected to stimulate demand.While there is no shortage of risks,the baseline view is that growth is also expected to find a better balance across industries and geographi

125、es,leading to a more sustainable trajectory.Beyond the macroeconomic land-scape,five more trends are poised to shape global trade and logistics in 2025:geopolitics,climate change,e-commerce,AI applications and attention to cyber resilience.Geopolitics as a dominant forceWhile the Middle East shows s

126、igns of progress towards resolution at the start of 2025,a resolution to the conflict in Ukraine remains elusive.Simultaneously,the list of geopolitical strains on supply chains contin-ues to expand with uncertainty over heightened tariffs on US imports as well as tighter export controls on critical

127、 goods,sanctions and a renewed interest in industrial policies.The impact of US tariffs will be larger depending on their level,the coverage of countries and goods,partners retaliation and the risk of tariffs in third countries against Chinese manufactured goods as they look for new markets.Heighten

128、ed scrutiny of rules of origin and non-tariff barriers will likely add another layer of complexity to the daily operations of trade and logistics.The diversification of sourcing strategy will continue under the push from geopolitics.Rising risks of climate changeProjections suggest that climate chan

129、ge will only intensify throughout the decade,with losses from adverse extreme weather events likely to rise as 2024 surpassed 2023 as the hottest year on record.Logistics providers are expected to respond by investing in climate-resilient assets and diversifying supply chains,as insurance costs can

130、be prohibitive.For many,this may involve recalibrating operations to mitigate risks from hurricanes,floods and other climate-driven disruptions.A stronger commitment to decarbonisation is essential to move away from fossil fuel-powered equipment and achieve net-zero greenhouse gas emissions.e-commer

131、ces push and pullThe global e-commerce market is set to sustain its growth trajectory into 2025.The expansion of cross-border direct-to-consumer platforms plays an important role,and,in fact,airfreight shipments for e-com-merce continue to beat records.This surge calls for a robust direct-to-consume

132、r supply chain strategy for all players.However,the US Customs and Border Protection is considering stricter de minimis rules and in-creased declaration requirements,which could impact the tax-free import thresholds currently benefitting e-commerce shipments.Generative AI early stages of impactGener

133、ative AI(GenAI)and Agentic AI are gaining traction,with record funding for research,data centre expan-sion and grid upgrades.While the technologys transformative potential for supply chains and logistics is being discovered,early applications are emerging.GenAI is being deployed to automate non-crit

134、ical back-office processes,such as customer service and administrative tasks(e.g.AI Agent Assist).Over time,its influence is expected to extend to front-line operations including warehousing,execution of supply chain management,terminal management and transportation systems to facilitate decision ma

135、king through advanced analytics and real-time data sharing.AI is key to achieving much-desired visibility and transparency.The call for cyber resilience In 2024,ransomware attacks on terminals and logistics providers intensified,highlighting the critical role of logistics networks as prime targets f

136、or cybercriminals.The growing sophistication of cyberattacks on critical infrastructure is driven by advances in AI,increased connectivity of software and devices and rising geopolit-ical tensions.These cyber threats not only have the potential to disrupt operations,but also pose significant safety

137、and environmental risks.Logistics leaders are increasingly adopting a comprehensive,ecosystem-wide approach that includes collaboration with customers,suppliers and other third parties to improve resilience.Stronger together As 2025 unfolds,businesses will need to navigate a complex landscape shaped

138、 by geopolitical uncertainties,climate and cybersecurity risks,regulatory shifts and technological innovation.The ability to adapt will define the winners in an increasingly volatile global marketplace and will call for strong partnerships.Despite a charged external environment,demand is expected to

139、 grow in the range of 3.5%to 5.5%for container trade,2%to 4%for air freight forwarding,and around 3.5%for contract logistics.16A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityThe integratorIn 2024,A.P.Moller-Maersk(Maersk)advan

140、ced its transformation into the integrator of container logistics while navigating a landscape of market disruptions.The company focused on connecting and simplifying customer supply chains,delivering greater transparency,control and resilience in response to heightened volatility and global supply

141、chain challenges.2024 a year of continued transformationIn 2024,Maersk took further strides in its transformation to an integrator of container logistics.The company continues to simplify and connect customer supply chains,offering greater transparency,tighter control and enhanced efficiencies.This

142、progress reinforces Maersks commitment to creating an integrated logistics experience,tailored to the evolving needs of its customers.The integration of the companys extensive Logistics&Services portfolio with its differentiated and reliable Ocean transport network remains a key driver of Maersks st

143、rategy.Significant operational synergies between Terminals and Ocean will be realised with the new Gemini network,which leverages the companys own Ocean volumes to stabilise terminal operations while optimising performance and minimising risks.Despite the heightened market volatility and supply chai

144、n disruptions in 2024,driven by ongoing geo-political tensions and fluctuating global demand,Maersks strategy remains resilient.New customer wins and industry recognition validated the integrator model,as businesses across industries,geographies and scales continue to buy into the companys comprehen

145、sive logistics solutions.Customers see the tangible value Maersk delivers,from operational excellence to sustainable practices.Progress amidst changeThe foundation of Maersks strategy is built on three pillar enablers:a strong commitment to ESG,technology innovation and the expertise of people.In 20

146、24,Maersks ability to navigate a complex global logistics environment while keeping customer needs at the forefront has been a hallmark of the companys success,and it shows that Maersks pillars have provided solid foundations for the strong performance.The groups focus on customer centricity and ope

147、rational agility continues to differentiate Maersk as a global leader in container logistics.The companys long-term vision,introduced in 2017,becomes more of a reality every year.Key mile-stones,including the official launch of the Gemini Cooperation from 2025,will continue to drive Maersks transfor

148、mation.Today,as market dynamics shift and customer needs evolve,Maersks integrator model remains essential to delivering superior service quality,reliability and global reach.STRATEGY2017The visionMaersks vision to become the integrator of container logistics was introduced,and the Hamburg Sd acquis

149、ition was closed2019Simplified customer experienceThe commercial frontlines of Ocean and Logistics&Services were merged to improve customer interaction and accelerate organic growth2020Acquisitions to bridge identified capability gapsPerformance Team and KGH Customs ServicesReorganisationThe reorgan

150、isation of Ocean and Logistics&Services completed and integration of the Safmarine brand,Damco air freight and LCL to improve customer experi-ence and end-to-end service delivery2021e-commerce capabilities acquiredAcquisitions to bridge capability gaps within the e-commerce space with Visible,B2C Eu

151、rope and HUUB 2022Integrated logistics,air and contract logistics offerings expandedAcquisitions of Pilot and Senator,adding to Maersks supply chain and air capabilities as well as LF Logistics to complement contract logistics20232M break-upThe 2M alliance termination in 2025 announced with the goal

152、 to enable the Integrator strategy and unlock higher value for Maersks customersReorganisationNew organisation introduced to pivot on the trans formation strategyFirst methanol-capable vessel in the worldDelivery of Laura Mrsk2024Ocean network Maersk entered into a long-term operational collaboratio

153、n with Hapag-Lloyd from February 2025 named Gemini CooperationDemerger of Svitzer Continued journey for Maersk to simplify its business and focus on integrated logisticsScaling up low-carbon fuels fleet Seven new dual-fuel methanol vessels set sail in 2024 and 800k TEU capacity of dual-fuel vessels

154、was secured with delivery by 2030The road from a conglomerate to the integrator of logisticsBringing the integrator strategy to life17A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityOceanLogistics&ServicesTerminalsAdapting to n

155、ew challengesAs global business environments shift,the demand for a resilient and flexible supply chain is at an all-time high.In 2024,geopolitical insta-bility and market disruptions caused an unplanned need for extra capacity,resulting in uncertainty and freight rates volatility.Ongoing conflicts

156、and port closures strained capacity,intensifying the need for adaptability.Volatility became a defining feature this year and is here to stay,further amplifying the complexities of supply chain management.Disruptions are the new normal,with fluctuating trade routes,sudden shifts in demand and enviro

157、nmental concerns shaping the global trade landscape.Port congestion,exacerbated by labour strikes and capacity constraints,added further challenges to maintaining smooth operations.In response,Maersk continued refining its Ocean network to offer industry-leading service quality and efficiency.In an

158、increasingly uncer-tain world,the company is prepared to meet evolving customer needs while maintaining operational excellence and driving innovation.Innovating for the futureA key 2024 milestone was the advancement of the Gemini Coopera-tion with Hapag-Lloyd,which will take effect in early 2025.Thi

159、s for-ward-thinking partnership,combined with enhanced network design,will allow the company to adapt to ongoing market changes while aiming to deliver the industrys top reliability of above 90%for services under the Gemini scope of trades,once fully phased in.The company continues to deliver on its

160、 sustainability and long-term goal of achieving net-zero emissions.In 2024,Maersk deployed seven large dual-fuel methanol vessels(113k TEU capacity)and initi-ated ordering 50-60(800k TEU capacity)additional owned and time-chartered dual-fuel vessels as part of the fleet renewal programme.Maersk will

161、 continue to maintain a disciplined approach to capital expenditures while optimising its fleet capacity.Successfully navigating continued disruption2024 marked yet another period of global disruption,with the on-going effects from the Red Sea situation,the continued war in Ukraine,and strikes impac

162、ting key elements of the global logistics infrastructure.Amid this turbulence,Maersk has remained committed to support-ing its customers as they navigate an increasingly complex and uncer-tain environment.These challenges underscore the critical role that the company plays as a trusted partner,deliv

163、ering resilient,end-to-end supply chain solutions that empower customers to adapt and thrive in a rapidly evolving market.Building on 2024 and the last few years,disruption in global supply chains is no longer an exception;rather it is becoming a constant.This new reality aligns closely with Maersks

164、 strategy to be a partner to our customers,offering integrated,reliable and flexible solutions.The companys strong organic growth in 2024 reflects the success of this approach and is a symbol of the satisfaction and trust from all customers.Executing excellenceOperational excellence remained central

165、 to Maersks focus in 2024.The group strengthened core capabilities,continued the integration of acquisitions and invested in advanced technologies to enhance service delivery and efficiency.This focus translated into margin improvements during the year,demonstrating the value of disciplined executio

166、n and innovation.Looking ahead,Maersk is positioned to lead the transfor-mation of global logistics.In a world where resilience and agility are essential,the company is committed to supporting customer success.Together with all valued employees,partners,and customers,Maersk is shaping a sustainable,

167、connected future for global trade.Delivering strong performanceIn 2024,Terminals continued to be a crucial component of Maersks integrator strategy,enhancing network stability through the hubs and delivering consistent and resilient earnings through the gateway ter-minals.The segment delivered anoth

168、er year of strong performance,driven by sustained top-line growth and unwavering focus on opera-tional excellence,leading to margin expansion and improved cash flow.This steady track record reflects the underlying strength of the business,despite recurrent external disruptions and geopolitical uncer

169、tainties.Globally,Terminals portfolio remains fundamentally resilient,reinforcing confidence in the terminal industry outlook.Continuing to deliver value for our stakeholdersTerminals consistently creates value for all shipping line and land-side customers,local communities,and host governments by p

170、ursuing high operational quality and efficiency.Leveraging standardisation and industry-leading capabilities,Terminals is the trusted operator of stra-tegic infrastructure in the locations where it operates.Its commitment to the ESG agenda and fostering local growth is steady,as proven by significan

171、t progress in electrifying terminals and developing green grid solutions.Building on its results,Terminals actively invests in develop-ing,expanding and upgrading key port locations worldwide.Terminals also fulfils the pivotal role of operating hubs,to support the seamless execution of the Gemini ne

172、twork.To ensure readiness for the new network launch in 2025,Terminals has future-proofed its hubs network through extensive investments in physical infrastruc-ture and technology.These efforts drive best-in-class productivity and enable a new standard of close operational collaboration between Ocea

173、n and Terminals.18A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityInvesting in talent and leadershipIn 2024,Maersk continued the execution of its People Strategy,re affirming its commitment to investing in colleagues and empowe

174、ring teams to excel,support one another and deliver value to customers.As the logistics landscape evolved throughout the year,the company prioritised supporting employees by focusing on team enablement,leadership development,scaling frontline capabilities and fostering a thriving work environment.To

175、 retain and attract top talent,Maersk remains dedicated to being an employer of choice by offering meaningful development oppor-tunities and cultivating an environment that values diverse perspec-tives.Building on its refreshed performance management culture,the company emphasised continuous develop

176、ment through initiatives like the Maersk Academy,a one-stop shop for learning resources,and a mentor ship framework designed to empower colleagues to achieve business goals while advancing their careers.Leadership programmes further equipped leaders to guide and support their teams effectively,stren

177、gthening diverse and inclusive talent pipelines.Maersks commitment to creating an engaging and inclusive work-place remains central to its efforts,integrating Diversity,Equity,and Inclusion(DE&I)principles to ensure all colleagues feel safe,valued and able to thrive in their careers.For more details

178、,see pages 109-125 in the sustainability statement.ESG at the centre of Maersks Purpose and ValuesMaersks ambitious ESG commitments are an integral part of its busi-ness strategy and a prerequisite for success as the global integrator.Building on over a decade of commitment to sustainability progres

179、s,Maersks ESG strategy charts an ambitious course,with ESG as core to the companys Purpose and Values.The strategy encompasses Maersks material sustainability impacts,risks and opportunities and is centred around three core commitments taking leadership in the decarboni-sation of logistics,ensuring

180、that our people thrive at work by providing a safe and inspiring workplace and operating based on responsible business practices.These commitments are delivered across 10 ESG categories,each with defined roadmaps and governance.Differentiating by decarbonising customers supply chains Maersk sees the

181、 growing strategic importance of ESG and sustainabil-ity amongst its customers,with some having increasingly mature and ambitious commitments.Meeting the customers wherever they are on this journey and helping them achieve their ambitious decarbonisation targets is essential to Maersks ESG and busin

182、ess strategies.Customers across all regions and segments,particularly those close to end-consumers such as Fashion&Lifestyle and FMCG,also face increasing expectations from their customers to have low-emission supply chains.Maersk proactively collaborates with customers to shape the products,service

183、s and technologies that can support their sustainability ambi-tions.This includes ECO Delivery Maersks emissions-reduced product family for Ocean,Inland and Air freight,and Emissions Dashboard enabling customers to view and manage their logistics greenhouse gas emissions across all transportation mo

184、des.The company believes that operating based on responsible business practices,being recognised as an ESG leader in external ratings valued by customers and investors,such as EcoVadis and CDP,is a true differentiator.For more details on ESG strategy and performance,see the sustainability statement,

185、pages 53-135.TechnologyPeopleAccelerating digital transformationIn 2024,Maersk made significant progress on its process and technol-ogy transformation journey.This serves to accelerate growth through scalable platforms,delivering better quality and customer outcomes as well as unlocking user product

186、ivity.The key highlights include:Significant improvement in process maturity enabling end-to-end standardisation Acceleration of modern platforms roll-out,including Maersks Landside Platform(TMS)executing inland transportation on one platform and delivering a better customer and supplier experience;

187、a unified,global Warehouse Management System(WMS)replac-ing 50+legacy applications,optimising and managing the opera-tions of warehouses and distribution centres;and the roll-out of a global Air platform enabling timely execution for customers and an improved user experience.Automation and optimisat

188、ion of operations within terminalsWith this strong foundation in place,in 2025,the company will acceler-ate value realisation from technology,delivering better results for cus-tomers while improving productivity.The power of AIAI,particularly Generative AI,represents a tremendous opportunity to driv

189、e value realisation and step-change Maersks strategy execution.The company invests in a plethora of AI initiatives,leveraging traditional AI/ML and Generative AI techniques.Several of these AI/ML initiatives are well entrenched into operational execution,yielding measurable benefits.Generative AI in

190、itiatives are showing success proof points as the com-pany targets agentic workflow automation.One example is the roll-out of CX Agent Assist,which supports Maersks Ocean CX colleagues by sig-nificantly reducing the turnaround time for customer queries.The com-pany continues to approach AI with spee

191、d,ensuring benefits are reaped and with caution,ensuring compliance with fast-developing regulations.ESGSBM-1 40a i-ii SBM-1 40e-g19A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityRISK MANAGEMENTManaging the risk landscapeRisk

192、management at A.P.Moller-Maersk(Maersk)is focused on supporting the strategic objectives in the medium term and ensuring the longevity of the companys business model in the longer term.Maersks Enterprise Risk Management framework provides a consistent and mature method for identifying,assessing,miti

193、gating and monitoring key risks.Identifying Maersks key risks The Enterprise Risk Management(ERM)framework at Maersk ensures that all business areas and functions identify potential risks impacting their objectives and operations.This process involves risk reporting from various business areas and f

194、unctions,complemented by interviews with individual executives to obtain a comprehensive view of the risks to the companys objectives.The identified risks are then assessed and consolidated into an enterprise-wide risk landscape.Following this,the Executive Leadership Team reviews the consolidated r

195、isk landscape to determine the key risks for the company.These key risks are subsequently discussed and validated by the Board of Directors.Managing Maersks key risksKey risks are assigned to an executive owner who is responsible for managing the risk,ensuring that appro-priate controls are in place

196、 and implementing necessary action plans to keep or bring the risk within risk tol-erance.To maintain proper oversight,key risk developments and mitigation progress and effectiveness are monitored and reported throughout the year using agreed metrics.The annual risk report provides a status on the k

197、ey risks and the effectiveness of mitigation efforts.Additionally,the Board of Directors holds deep dive sessions with executive risk owners throughout the year to discuss selected key risks.Figure 1 provides an overview of Maersks ERM governance structure.Changes to the key risksFigure 2 depicts th

198、e 2025 key risks to Maersks business objectives.The 2025 risk landscape remains relatively stable and in line with previous years.Some of the continuing risks are externally driven risks associated with the market and the general business/operating environment for global trade(Ocean profitability,Ge

199、opolitical tension,Cyberattack,and Legal and regulatory compliance).Other continuing risks are internally driven and associated with the ongoing transformation(Logistics growth,Technology roadmap,and Decarbonisation).There are three new key risks in 2025.These are the risks that the new Gemini netwo

200、rk will not per-form as intended(Ocean network),that the company fails to renew and add new terminal concessions(APM Terminals growth),and that the company fails to respond effectively to supply chain shocks like COVID-19 and the Red Sea disruption(Supply chain resilience).Three key risks have been

201、removed.Mergers and acquisitions integration is no longer a significant concern as our acquired companies have been largely integrated over the past few years.Organisational capabilities including retaining and attracting talent has become less of a risk as the transformation of the company progress

202、es.Last,Process excellence is now forming part of the Process and technology transformation risk.Aligned assuranceThe effort to further mature enterprise risk management in Maersk continued during 2024.With the ERM framework being performed consistently across the company,the current focus is on enh

203、ancing the assurance that the companys key risks are managed effectively within defined risk tolerances.To that end,the company adopts an aligned and risk-based approach to assurance,ensuring that 1)enterprise risk tolerances are tangible and relatable at a process and control level,2)controls link

204、back to enterprise risks,3)the scope,purpose and methodology of each assurance provider is clear and without duplication and 4)assurance providers have the capabilities required to deliver their respective scope of assurance.Internal AuditA.P.Moller-MaerskA.P.Moller-Maersk business areas and functio

205、nsExecutive Leadership TeamReview key risksReview effectiveness of ERM across A.P.Moller-MaerskERM FunctionResponsible for the imple-men tation and maintenance of the ERM frameworkFacilitate identification,assess ment,mitigation,and monitoring of key risksMonitors ERM effectivenessEnterprise Risk Ow

206、nersResponsible for the management of risks assigned to themResponsible for developing and implementing action plans to mitigate risksBoard of DirectorsProvides oversight over ERM effectivenessFigure 1Overview of governance structure20A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integrato

207、rPerformanceCorporate governanceFinancialsSustainabilityCompliance Risks associated with non-compliance with rules and/or policiesLegal and regulatory complianceBeing hit by a large compliance case 9Operational Risks associated with business activities and operations,procedures,people and systemsOce

208、an networkNew network not performing as intended Logistics growthFailure or serious delay in achieving the targeted growth in Logistics CyberattackExternal or internal attack resulting in service unavailability or data breach Supply chain resilience Failure to respond effectively to supply chain sho

209、cks Financial Risks associated with potential financial losses Key risks to the 2025-2029 business planMaersk categorises risks into four different areas to provide the appropriate level of governance and oversight to effectively manage these risks.Strategic Risks associated with current and future

210、business plans and strategiesOcean freight ratesFinancial loss from significant drop in freight rates over a longer period Geopolitical tensionEscalation of geopolitical tensions and political uncertainty impacting future supply chainProcess and technology transformationFailure or serious delay in e

211、xecution of technology roadmap DecarbonisationFailure to decarbonise at desired speed APM Terminals growthFailure to renew and add new terminal concessions 121075 Risk continuing from 2024 New riskFigure 24638LowLowLowLowHigh732985614StrategicFinancialComplianceOperational1021A.P.Moller-MaerskAnnual

212、 Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainability123 NEW RISK45Ocean freight ratesGeopolitical tensionNew Ocean networkLogistics growthProcess and technology transformationRisk owner.CPO-OceanYear-on-year risk movement.IncreasingRisk category.Strategi

213、cRisk owner.CCAOYear-on-year risk movement.Increasing Risk category.StrategicRisk owner.CPO Ocean CEO-APM Terminals,COOYear-on-year risk movement.New riskRisk category.OperationalRisk owner.CPO Logistics&ServicesYear-on-year risk movement.Stable Risk category.OperationalRisk owner.CTO,CSOYear-on-yea

214、r risk movement.Stable Risk category.StrategicWhat is this riskThe profitability in Ocean could deteriorate and potentially be negative for a prolonged period.The risk is driven by the potential for supply and demand imbalances in the Ocean freight market.A significant drop in rates over a longer pe

215、riod could lead to a significant financial loss.Escalation of geopolitical tension may have a strong and immediate impact on the future supply chain through disruptions in supply,demand and logistics infrastructure and,eventually,fragmentation of supply chains and changed trade patterns.This is part

216、icularly the case where tension mounts to military conflict and/or trade sanctions being applied.The new network may not operate as intended and deliver the targeted results in terms of reliability and costs.In the short term,this could be driven by inability to respond to the multiple changes requi

217、red.In the longer term,this could be driven by hubs capacity and flexibility or meltdown,leading to lower reliability,increased costs and loss of customer confidence.Maersk faces a risk of not being able to deliver profitable growth in the logistics business within the envisaged period of time,which

218、 would impact the ability to execute on the integrator strategy and realise financial targets.A serious delay or failure to execute the technology roadmap and to standardise core end-to-end business processes will have a material negative impact on Maersks growth vision as an end-to-end integrator o

219、f global container logistics.How we manage itMaersk has limited levers to impact the overall demand for container shipping and cannot influence the market rates.With the focus on managing rate exposure via reve-nue optimisation during different cycles in the market,product differentiation as well as

220、 cost strategy to effectively reduce the unit cost,the company will,all else equal,continue to reduce the impact.Maersk monitors geopolitical developments and takes adaptive steps as required,includ-ing reducing exposure to critical suppliers,evaluating alternative procurement options,implementing a

221、dequate payment profiles,creating external communication plans and advancing business continuity planning.Maersk is focused on the implementation of the plan to ensure smooth transitioning to the new Ocean network during the phase-in period(February-May 2025).Close collabo-ration with Hapag-Lloyd is

222、 in place to ensure required governance,data and reporting.Differentiated growth will be achieved by focusing on markets where Maersk has an existing right to win,restoring margins through execution of turnaround plans and accelerating operational excellence through process standardisation and platf

223、orm mod-ernisation.The focus is also on optimal asset deployment,driving cost effective-ness and productivity and gaining competi-tive advantage.Maersk focuses on stabilising and modern-ising core applications and infrastructure and driving progress on platform-to-plat-form integration opportunities

224、 to enhance the overall transformation in alignment with the Maersk Integrator Strategy.In addition,Maersk is committed to delivering a Process Maturity Roadmap which includes end-to-end process designs,metrics and control implementations.Risk toleranceHigh:Maersk assumes margins will continue to be

225、 under pressure in the short to medium term.In addition,the geopolitical landscape makes the industry extraordinarily volatile.High:Maersk aims to have multiple options in place for several procurement categories and to be able to adjust the network and capacity in the ocean business to accommo-date

226、 for potential disruptions and changes in customer needs and trade patterns.Medium:Maersk targets high schedule reli-ability,reduced port call hours and unit cost,mainly driven by the leaner mainliner,hub capacity and shuttle service operated by Maersk.Medium:Maersk targets large and profit-able vol

227、ume growth across its Warehous-ing,Landside,e-commerce and Air products through organic growth and opportunistic acquisitions,cost reductions and increased productivity,driven by automation through platform roll-outs.Medium:In 2025,Maersk continues to tar-get significant progress in the implementa-t

228、ion of best-in-class technology platforms and automate its processes to support end-to-end supply chain solutions and underpin customer convenience and satisfaction.Potential scenarioThe increase in vessel capacity in the market combined with a significantly lower demand lead to a drop in freight ra

229、tes that continues for longer than expectedMilitary conflicts or comprehensive and long-lasting naval blockades leading to obstruction of major network routes and potential wide sanctions inhibiting trade in major markets affected.Lack of smooth transitioning to the new Ocean network and/or an insuf

230、ficient level of the networks resilience creates chal-lenges associated with the reliability and unit cost that result in loss of business and/or customers.Lack of profitable growth at the envis-aged pace in Logistics&Services delays the implementation of the integrator strategy and keeps the compan

231、y exposed to the financial volatility of the Ocean segment.Unsuccessful implementation of digitised supply chain solutions causes a loss of the digital competitive advantage and customer dissatisfaction and impacts the companys reputation and financial performance.CEO Chief Executive Officer COO Chi

232、ef Operating Officer CCAO Chief Corporate Affairs Officer CTO Chief Technology Officer CSO Chief Strategy Officer CPO Chief Product Officer 22A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainability6 78 NEW RISK9 10 NEW RISKCyberattack

233、DecarbonisationSupply chain resilienceLegal and regulatory complianceAPM Terminals growthRisk owner.CTOYear-on-year risk movement.StableRisk category.OperationalRisk owner.COOYear-on-year risk movement.Stable Risk category.StrategicRisk owner.COOYear-on-year risk movement.New risk Risk category.Oper

234、ationalRisk owner.CCAOYear-on-year risk movement.Stable Risk category.ComplianceRisk owner.CEO APM TerminalsYear-on-year risk movement.New risk Risk category.StrategicWhat is this riskAs Maersk becomes increasingly digital-ised,more devices and control systems are connected online and there is an ac

235、celera-tion in adoption ofautomation androbotics,resulting in a wider technology surface.This,compounded with ever-increasing external threat capabilities puts more pressure on systems to be cyber threat-resilient.It is imperative for Maersk to decarbonise its end to-end supply chain at a speed that

236、 meets the expectations of customers,investors and society,and in a way that generates business value for Maersk and its customersThe increase in supply chain shocks caused by disruptive events such as natural disasters,armed conflicts or major operational inci-dents is making it even more important

237、 to be able to respond effectively to avoid busi-ness interruption,a drop in service level and added costs and at the same time maintain operational and commercial agility to capture potential upsides associated with such events.The legal and regulatory landscape in which Maersk operates is complex

238、and the com-pany could be subject to compliance cases in connection with violations of anti-cor-ruption laws,anti-trust regulations,interna-tional sanctions and/or data privacy.In order to deliver profitable growth and continue to deliver important support to the Maersk integrator strategy,APM Termi

239、nals must extend certain essential concessions that are expiring as well as secure new locations at good terms for years to come.How we manage itMaersk continues to execute its cyber security programme,strengthen business continuity plans and enhance its cyber threat resilience.Over the recent years

240、,the company has continued to enhance capabilities to control impact through appropriate preparedness and response procedures.The regulatory support in terms of a global carbon tax is essential for supporting the decarbonisation at the speed required and therefore Maersk strongly supports the pro-gr

241、ess.At the same time,Maersk continues to enhance its product offering to support customer demand along with initiatives to decarbonise the value chain through technological improvements.Maersk ensures critical processes and dependencies are continuously identified,business continuity plans are prepa

242、red and tested and asset management and contract-ing strategy are sufficiently agile to respond effectively to unexpected events.Maersk has global and regional sub-ject-matter experts in each compliance area and a robust compliance programme designed to fulfil global requirements.The company has imp

243、lemented many initiatives to improve focus and emphasis through a whistleblower system,regular risk assess-ments,screenings and robust controls,targeted in-person trainings and e-learning sessions.A newly established concession excel-lence team is supporting the terminals in their relations with gov

244、ernments and local authorities to ensure the APM Terminals value proposition aligns with local expecta-tions.At the same time,there is a continued focus on improving operational excellence and driving revenue growth.For new projects,actions focus on prioritisation of projects and on defining a clear

245、 joint venture strategy.Risk toleranceLow:Maersk aims to avoid a material cyberattack through increased threat intel-ligence,capabilities that protect,detect and respond to threats and building digital resilience with business segments,third parties and wider supply chains.Medium:Maersk targets achi

246、evement of its commitments in a financially viable way.Medium:Maersk targets a robust supply chain without sacrificing profitability.Low:Maersk is committed to ensuring com-pliance with all applicable laws and regula-tions in all the countries where it operates.Medium:APM Terminals targets to renew

247、existing concessions important for the Maersk Ocean network in addition to a number of new locations every year.Potential scenarioDirect or indirect attack(s)on Maersks or its business partners network due to dig-itisation,threat sophistication or inherent vulnerabilities from,e.g.,new M&A envi-ronm

248、ents cause severe business disruption and/or data breaches leading to financial losses and loss of customer trust.Maersk fails to reach its 2030 decarbonisa-tion targets due to cost disparity between fossil fuels and reduced GHG emission fuels and insufficient uptake in the Eco-products offered.A su

249、pply chain shock disrupts operations,resulting in delays,increased costs,decreased customer satisfaction and potential long-term reputational damage.A violation of compliance regulation causes severe reputational damage and substantial legal fines,damages and costs.Unsuccessful negotiations with loc

250、al governments lead to inability to extend concessions and win new concessions at good terms.CEO Chief Executive Officer COO Chief Operating Officer CCAO Chief Corporate Affairs Officer CTO Chief Technology Officer CSO Chief Strategy Officer CPO Chief Product Officer 23A.P.Moller-MaerskAnnual Report

251、 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityESG risksIn compliance with the EU Corporate Sustainability Reporting Directive(CSRD)requirements,Maersk conducted the double materiality assessment in 2024.As part of this assessment,Maersk established the fi

252、nancial impact arising from the potential sustainability-related topics.The topics covered by the financial impact assessment for 2024 are climate change,pollution,ship recycling,retaining and attracting critical talent,working conditions,equal treatment,other work-related rights(forced labour,data

253、privacy),ethical use of data and AI,supplier relationships,corruption and bribery and tax.The quantified financial impact of each of the topics is estab-lished through scenario-based modelling.For the results of the double materiality assessment,see pages 66-68 and for details on physical climate-re

254、lated risks specifically,see page 88.Emerging risksMaersk considers how megatrends and uncertainties can have both positive and negative impacts on the companys longer-term value drivers.Risks and opportunities derived from these mega-trends and uncertainties are identified through an externally fac

255、ilitated workshop considering uncertainties pertinent through the five lenses shown in Figure 3.In 2025,the radar reveals a very dynamic emerging risk and opportunity landscape with multiple uncertainties related to technology disruption,to drastic shifts in the geopolitical,social and economic envi

256、ronment and to environmentally driven shifts in our business environment.Two of the emerging risks might have a significant impact on Maersks business model.1 Technology advancements/AIRapid advancements in technology and use of AI could lead to the creation of new tech/AI based business models and/

257、or customers taking a more dominant role in integrating their own supply chains,thereby making the Maersk integrator value proposition less relevant.2 EU depoweredCurrent political priorities and the economic situation in the EU combined with China and US investments and progress in new technologies

258、 could lead to the EU falling further behind in terms of innovation and competitiveness.On top of other trade restrictions,this would negatively impact all European-based companies in terms of competition and access to markets globally.Figure 3Emerging risks Technology Economics Social Geopolitics E

259、nvironmentalAnchored in technological,economic,social,environmental and geopolitical trends,new uncertainties to our value drivers are emerging.Technology1Technologicaladvancements/AI3Concentration of data and technology infrastructure suppliers4Data privacy and cyber security5Slow adaptation of aut

260、omationGeopolitics15Increasingly polarised world16Trade disputesEconomics2EU depowered6Protectionism and regionalisation7Economic stagnationSocial8Trust in governments and institutions9Ageing population10Increased social responsibility11Mass migrationEnvironmental12Climate events13Slow/low carbon ta

261、x14Breakthrough in alternative fuel technology5 years10 years02167101412161554313811924A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityPerformance Financial review Financial guidance and ESG targets Segment overview Ocean Logis

262、tics&Services Terminals Quarterly summary Q4 2024 results Chennai,IndiaPutting gender diversity front and centreIn 2024,Maersk transformed operations at one of its Container Freight Station(CFS)warehouses in Chennai,India,by introducing a complete shift run entirely by female employees.This initiati

263、ve underscores Maersks dedication to enhancing gender diversity across all roles and job levels.In addition to transforming our operations,such initiatives challenge the status quo in the traditionally male-dominated logistics industry sector.Women at this CFS are supported through comprehensive tra

264、ining programmes that cover professional and personal safety,as well as the many skills necessary to excel in warehouse operations.25A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityFinancial reviewProfitability for 2024 improve

265、d significantly versus 2023,which was a year of stabilisation following all-time pandemic highs in 2022 as a result of the exceptional market situation.The financial results in 2024 reflect growth across all segments.Ocean had a strong year,recovering to a positive EBIT in first half of 2024 and rea

266、ching exceptional levels in the second half.This growth was primarily driven by high rates and strong volumes,although it was partially offset by increased costs due to the re-routing south of the Cape of Good Hope throughout the year.Logistics&Services experienced revenue growth stemming from stron

267、ger rates and volumes,particularly driven by Air,First Mile,Warehousing and Last Mile.Profitability improved during the year with the majority of the overall increase driven by Air and Lead Logistics.Terminals revenue increased due to stronger storage revenue and higher volumes,as terminals became f

268、ully operational following construction closures in 2023.A continued focus on improvements and cost management ensured solid profitable performance.A.P.Moller-Maersk(Maersk)s profitability for 2024 was strong,reflecting the progressively strong container demand following the situation in the Red Sea

269、 beginning in late 2023,which exacerbated supply chain disruptions throughout the year,primarily impacting the Ocean business through peak freight rates coupled with strong volumes.Strong Ocean profit ability was supported by Logistics&Services with increased volumes and Terminals with revenue per m

270、ove reaching an all-time high during the year combined with higher volume.Financial and operational performanceRevenue increased by USD 4.4bn to USD 55.5bn(USD 51.1bn),with increases across segments.The revenue improvement in Ocean reflects the significant increases in freight rates together with st

271、rong volumes in 2024.In Logistics&Services,total revenue increased by 7.2%,mainly driven by Air,First Mile,Warehousing and Last Mile due to higher freight rates and volumes,partially offset by Lead Logistics and Customs Services.Revenue increased in Terminals as a result of strong volumes and storag

272、e revenue,particularly in North America and Mumbai,India,due to the terminal being fully operational again in 2024.Ocean,USDbn(2023:33.7bn)37.4Logistics&Services,USDbn(2023:13.9bn)14.9Terminals,USDbn(2023:3.8bn)4.5EBITDA increased to USD 12.1bn(USD 9.6bn)with an increase in Ocean of USD 2.2bn due to

273、 higher rates,and improvement in Logistics&Services of USD 196m and in Terminals of USD 323m.The EBITDA margin increased to 21.9%(18.8%).Ocean,USDbn(2023:6.9bn)9.2Logistics&Services,USDbn(2023:1.3bn)1.4Terminals,USDbn(2023:1.3bn)1.6EBIT increased by USD 2.6bn to USD 6.5bn(USD 3.9bn),impacted by the

274、increasing EBITDA,mainly from Ocean.The EBIT margin increased to 11.7%(7.7%).Ocean,USDbn(2023:2.2bn)4.7Logistics&Services,USDm(2023:446m)538Terminals,USDbn(2023:980m)1.3Return on invested capital(ROIC),last 12 months,increased to 12.3%(7.4%),as earnings improved throughout 2024.Financial items,net,d

275、ecreased to a gain of USD 317m(gain of USD 428m),driven by lower interest income and higher interest expenses,partly offset by foreign exchange rate gains on working capital.Tax expense increased to USD 584m(USD 454m),reflecting the higher profit before tax.Net profit was USD 6.2bn(USD 3.9bn),due to

276、 the significant increase in operating earnings.The underlying net profit after financial items and tax of USD 6.1bn(USD 4.0bn)was primarily adjusted for net gains of USD 222m,mainly from vessel and container sales in Ocean of USD 206m.Unless otherwise stated,all figures in parenthesis refer to the

277、corresponding figures for the same period prior year.Highlights for the yearUSD millionRevenueEBITDAEBITCAPEX20242023202420232024202320242023Ocean37,38833,6539,1866,9404,7432,2272,7081,987Logistics&Services14,92013,9161,4471,251538446803771Terminals 4,4653,8441,6011,2781,329980580541Unallocated acti

278、vities,eliminations,etc.-1,291-348-106122-111281110347A.P.Moller-Maersk consolidated 55,48251,06512,1289,5916,4993,9344,2013,64626A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityFree cash flow bridgeUSDbn-4.2 Gross CAPEX-3.0 Re

279、payments of lease liabilities-0.6 Financial expenses paid on lease liabilities-7.811.4Cash flow from operations 1.50.7 Financial payments,net 0.8 Asset sale proceeds and dividends received 5.1Free cash flow(FCF)Cash flow from operating activities of USD 11.4bn(USD 9.6bn)was driven by EBITDA of USD 1

280、2.1bn,offset by an increase in net working capital of USD 311m,primarily due to higher trade receivables,translating into a cash conversion of 94%(101%).Gross capital expenditure(CAPEX)was USD 4.2bn(USD 3.6bn),primarily driven by higher investments in Ocean.Ocean,USDbn(2023:2.0bn)2.7Logistics&Servic

281、es,USDm(2023:771m)803Terminals,USDm(2023:541m)580Free cash flow increased by USD 1.1bn to USD 5.1bn(USD 4.0bn),positively impacted by higher cash flow from operating activities by USD 1.8bn,partly offset by higher CAPEX by USD 555m.Maersk remains investment grade-rated and holds a Baa1(stable)from M

282、oodys and a BBB+(stable)rating from Standard&Poors.Total equity increased to USD 57.9bn(USD 55.1bn at year-end 2023),driven by a net profit of USD 6.2bn,partly offset by dividend payments,share buy-backs and the distribution of shares in Svitzer,resulting in an equity ratio of 66.6%(67.1%at year-end

283、 2023).The liquidity reserve increased to USD 29.0bn(USD 24.4bn at year-end 2023)and was composed of cash and bank balances(excluding restricted cash),term deposits and securities of USD 23.0bn(USD 18.4bn at year-end 2023)and undrawn revolving credit facilities of USD 6.0bn(USD 6.0bn at year-end 202

284、3).DividendThe dividend for 2023 of USD 1.2bn declared at the Annual General Meeting on 14 March 2024 was paid on 19 March 2024.Withholding tax of USD 157m was paid in Q2 2024.For 2024,The Board of Directors proposes a dividend to the shareholders of DKK 1,120 per share of DKK 1,000(DKK 515 per shar

285、e of DKK 1,000)corresponding to 40%(30%)of the underlying net result as per the companys dividend policy of distributing between 30-50%of the underlying net result to shareholders in dividends.The proposed dividend payment represents a dividend yield of 9.4%(4.2%),based on the Maersk B shares closin

286、g price of DKK 11,905 on 30 December 2024.Payment is expected to take place on 21 March 2025.Proposed dividend 2025,DKKPer share of DKK 1,0001,120Ordinary dividend 2024,DKKPer share of DKK 1,000515Development in net interest-bearing debt(NIBD)USDbn20232024-0.8 Sale proceeds and dividends received-0.

287、1 Acquisitions,net-0.8 Other-1.7-12.1EBITDA-4.7NIBD-7.4NIBD11.1 4.2 Gross CAPEX4.1 Net new capitalised leases2.0 Dividends and share buy-backs0.5 Financial payments,net0.3 Change in working capitalUSD-2.7bnShare buy-backIn 2024,Maersk bought back 43,919 A shares and 174,723 B shares,worth DKK 2.8bn(

288、approximately USD 415m)as part of the share buy-back programme,excluding shares bought back for the long-term incentive programme.In February 2024,the Board of Directors decided to suspend the share buy-back programme,with a re-initiation to be reviewed once market conditions in Ocean are settled.Th

289、e Board of Directors has decided to initiate a share buy-back programme of up to DKK 14.4bn(around USD 2bn),to be executed over a period of 12 months,with the first phase of DKK 7.2bn(around USD 1bn)to run from 7 February up to 6 August 2025.Refer to shareholder information on page 46 for more detai

290、ls.At 31 December 2024,Maersk owns a total of 120,307 B shares as treasury shares,corresponding to 0.76%of the share capital.Capital structure and credit rating Net interest-bearing debt decreased to a net cash position of USD 7.4bn(a net cash position of USD 4.7bn at year-end 2023),as cash used for

291、 dividends of USD 1.4bn and share buy-backs of USD 556m was more than offset by free cash flow of USD 5.1bn.Excluding lease liabilities,the Group had a net cash position of USD 18.8bn(USD 15.1bn at year-end 2023).27A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporat

292、e governanceFinancialsSustainabilityFinancial guidance Guidance is based on the expectation that global container volume growth in 2025 will be around 4%and that A.P.Moller-Maersk(Maersk)will grow in line with the market.For the purpose of the financial guidance,Maersk assumes that the Red Sea re-op

293、ens mid-year for the low end of the guidance,and re-opens at year-end for the high-end.Maersks outlook for 2025 is subject to considerable macroeconomic uncertainties impacting container volume growth and freight rates.USDbnEBITDAUnderlying6.0-9.0EBITUnderlying0.0-3.0Free cash flow(FCF)or higher-3.0

294、CAPEX guidance,maintained2024-202510.0-11.0CAPEX guidance2025-202610.0-11.0Forward-looking statementsThe Annual Report contains forward-looking statements.Such statements are subject to risks and uncertainties as various factors,many of which are beyond A.P.Moller-Maersks control,may cause the actua

295、l development and results to differ materially from expectations contained in the Annual Report.The mid-term financial targets introduced at the Capital Markets Day in May 2021 relate to the trans for mation towards becoming the integrator of container logistics.Roadmap towards 2025TerminalsThe Term

296、inals return on invested capital(ROIC)(LTM)was 13.5%,con-tinuing to exceed the expectation of above 9%.ROIC Target:9%20212022202320249.0%13.5%Sensitivity guidanceFinancial performance for A.P.Moller-Maersk for 2025 depends on several factors subject to uncertainties related to the given uncertain ma

297、croeconomic conditions,bunker fuel prices and freight rates.All else being equal,the sensitivities for 2025 for four key assumptions are listed below:FactorsChangeEffect on EBIT(full year 2025)Container freight rate+/-100 USD/FFE+/-USD 1.3bnContainer freight volume+/-100,000 FFE+/-USD 0.01bnBunker p

298、rice(net of expected BAF coverage)+/-100 USD/tonne+/-USD 0.4bnForeign exchange rate(net of hedges)+/-10%change in USD+/-USD 0.3bnConsolidated The return on invested capital(ROIC)(LTM)of 12.3%was above the yearly target of above 7.5%under normal-ised conditions.Profitability lagged during the first h

299、alf of 2024;how-ever,the strong result in the second half of the year had a positive impact,bringing ROIC above target.The aver-age ROIC over 2021-2024 was 31.3%,well above the 12%target for the period 2021-2025.For information on capital allocation,dividends,share buy-back and shareholder return,se

300、e shareholder information on pages 45-46.ROIC,each year Target:7.5%7.5%12.3%ROIC,2021-2025 Target:12%2021202220232024202120222023202412.0%31.3%Logistics&ServicesLogistics&Services organic revenue growth of 7.2%in 2024 was below the target of 10%,however began to recover in the latter half of 2024 fr

301、om the 2023 low.The EBIT margin was 3.6%,below target but up from 2023.Organic revenue growth Target:10%202120222023202410.0%7.2%EBIT Margin Target 6%20212022202320246.0%3.6%Ocean Oceans EBIT margin of 12.7%in 2024 was above the target of 6%under normalised conditions and the total average operated

302、fleet capacity continues to remain within the target range of 4.1-4.3m TEU at 4.3m TEU.EBIT Margin Target:6%20212022202320246.0%12.7%Ocean fleet size Target:4.1-4.3 TEUm20212022202320244.1m4.3m4.3m28A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFina

303、ncialsSustainabilityA.P.Moller-Maersk(Maersk)s ESG strategy highlights three core commitments.Each of the core ESG commitments is supported by a set of short,mid and long-term strategic targets of which a subset is linked to the executive remuneration through the long-term incentive programme.In 202

304、4,Maersk continued to deliver progress towards its environmental and social commitments despite an uncertain and challenging operating environment.Performance against the 2024 targets is reported in the sustainability statement.Market demand for low-emission transportation was lower in 2024 compared

305、 to pre-vious years.Maersks ability to deliver on our near and long-term science-based targets is dependent not only on our own actions and investments,but also on a supportive external environment.2025 will be a milestone year as the International Maritime Organization is set to agree on regulation

306、 to close the price gap between green and fossil fuels.We remain committed to our 2030 and 2040 science-based targets.As we are reaching the 2025 target year on our strategic social and governance targets,we will be reviewing these and setting new targets for the coming years.100%(99%)Safety&securit

307、yLearning Teams completed fol-lowing a high potential incident 30%(21%)Diversity,Equity&InclusionDiverse nationality of executives 40%(35%)Women in management 75%(65th percentile)Human capitalEmployee Engagement Survey(EES)percentile rank on global norms100%(94%)Business ethicsEmployees(in scope)tra

308、ined in the Maersk Code of Conduct100%(93%)Data and AI ethicsEmployees(in scope)trained on data ethics100%(87%)Sustainable procurementSuppliers(in scope)committed to the Supplier Code of Conduct(reduction of 1%)(reduction of 15%)(increase of 3%)ESG targets towards 2025(actual performance 2024)ESG ta

309、rgetsTargets towards 2040ESG targets towards 2040Climate change96%Absolute reduction in total scope 1 and 2 emissions90%Absolute reduction in total scope 3 emissionsESG targets towards 2030Climate change35%Absolute reduction in total scope 1 emissions100%Absolute reduction in total scope 2 emissions

310、22%Absolute reduction in total scope 3 emissionsThe targets outlined on the right are defined in detail within the sustainability statement,outlined within the relevant topical sections performance data(Environment,Social and Governance),under accounting policies.Environment Take leadership in the d

311、ecarbonisation of logisticsSocialEnsure that people thrive at work by providing a safe and inspiring workplaceGovernanceOperate based on responsible business practicesESG commitments29A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainab

312、ilitySEGMENT OVERVIEWOcean profitability improved compared to 2023,mainly as a result of increased freight rates by 17%,primarily driven by the pressure on capacity due to the Red Sea situation.Volumes also increased by 3.6%throughout the year,following the increase in demand,overall culminating in

313、EBIT increasing by USD 2.5bn.Logistics&Services showed a recovery from the previous transitional year,with volume growth across most products,diligent asset optimisation and steady cost management,resulting in an upward trending EBIT.Terminals delivered a ROIC of 13.5%with revenue growth in the Amer

314、icas pushing EBITDA and EBIT to new heights.The combi-nation of inflation-offsetting tariff increases,higher storage and the efficiency gains from higher utilisation helped improve the EBITDA margin by 2.7 percentage points.RevenueUSDm37,388EBITUSDm4,743RevenueUSDm14,920EBITUSDm538RevenueUSDm4,465EB

315、ITUSDm1,329GO TO OCEANGO TO LOGISTICS&SERVICESGO TO TERMINALSOceanLogistics&ServicesTerminals30A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityOceanLine of business At the heart of the integrator strategy,Ocean ensures that goo

316、ds keep moving across the world,providing customers with a unique offering,combining flexibility and stability to manage and simplify their end-to-end supply chains.While providing access to a competitive global network,Ocean offers resilient solutions and differentiated value propositions through i

317、ts global network and digital products to fit the diverging customer needs and enhance long-term partnerships.Operating one of the largest container vessel fleets in the world,Ocean carries more than 12m FFE per annum serving over 500 ports worldwide.Ocean highlightsUSD million20242023Freight revenu

318、e32,68428,421Other revenue,including hubs4,7045,232Revenue37,38833,653Container handling costs9,7449,233Bunker costs7,0676,064Network costs,excluding bunker costs6,8116,917Selling,General&Administration(SG&A)costs2,6262,921Cost of goods sold and other operational costs1,9541,646Total operating costs

319、28,20226,781Other income/costs,net-68Profit before depreciation,amortisation and impairment losses,etc.(EBITDA)9,1866,940EBITDA margin24.6%20.6%Profit before financial items(EBIT)4,7432,227EBIT margin12.7%6.6%Invested capital30,86429,851CAPEX2,7081,987Operational and financial metricsLoaded volumes(

320、FFE in 000)12,33811,904Loaded freight rate(USD per FFE)2,6982,313Unit cost,fixed bunker (USD per FFE incl.VSA income)2,4122,371Bunker price,average(USD per tonne)613616Bunker consumption(tonne in 000)11,2629,838Average operated fleet capacity(TEU in 000)4,3074,162Fleet owned(end of year)308310Fleet

321、chartered(end of year)399362Ocean profitability improved compared to 2023,driven by the substantial increase in freight rates,due to the capacity pressure associated with the Red Sea situation.The strong result was supported by solid volume growth.However,the Red Sea situation resulted in elevated o

322、perational costs,particularly due to higher bunker consumption and container handling costs.Throughout the year,Ocean remained focused on designing the network of the future,which was proudly launched on 1 February 2025.Revenue increased,directly impacted by the higher freight rates of 17%,coupled b

323、y a volume increase of 3.6%.Unit cost at fixed bunker increased by 1.7%,due to the higher costs associated with the Red Sea situation partly offset by higher volume delivery.Utilisation was 96%and improved by 4.1 percentage points compared to 2023(92%),following the structural capacity efforts.Sched

324、ule reli-ability was lower as it was heavily impacted by the Red Sea situation;however,it improved since the beginning of 2024,highlighting the targeted customer outcome efforts throughout the year.Decarbonisation focus Network and asset efficiency Shift to lower emission fuelsFor more details,see c

325、limate change in the sustainability statement,pages 78-100.31A.P.Moller-MaerskAnnual Report 2024Executive summaryThe integratorPerformanceCorporate governanceFinancialsSustainabilityOceanRevenueLoaded volumesEBITAverage loaded freight rateEBITDA37.4 bn12.3 m4.7bn2,6989.2 bn(USD 33.7bn)(11.9m FFE)(US

326、D 6.9bn)Revenue increased by 11%or USD 3.7bn due to the higher freight revenue,driven by the higher freight rates by 17%to 2,698 USD/FFE(2,313 USD/FFE)and the increased volumes of 3.6%at 12,338k FFE(11,904k FFE).2024 saw an increase in volume delivery across most trades,primarily driven by Asia expo

327、rts in the first half of the year,reflecting the strong market demand.EBIT increased by USD 2.5bn in line with the higher revenue due to higher freight rates and higher volume.EBIT margin increased by 6.1 percentage points to 12.7%(6.6%).The increase in the average freight rate by 17%was the outcome

328、 of the supply chain pressure linked to the Red Sea situation.The upward trend began in Q1 2024 and peaked in Q3 2024,impacted by the increased demand and port congestions.The aver-age freight rate began to decline in Q4 2024 but still remained higher compared to Q4 2023.The average freight rate in

329、2024 was higher compared to 2023 for both shipments and contracts across most trades,primarily driven by Asia-Europe,India-Middle East and Africa.EBITDA increased by USD 2.2bn,following the revenue increase,partly offset by the higher operating costs associated with the re-routing south of the Cape

330、of Good Hope.The EBITDA margin was 4.0 percentage points higher at 24.6%(20.6%).FFE(000)20242023 Change Change%East-West5,6105,510 100 1.8North-South4,0343,900 134 3.4Intra-regional2,6942,494 200 8.0Total12,33811,904 434 3.6USD/FFE20242023 Change Change%East-West2,9562,22173533.1North-South3,3213,06

331、42578.4Intra-regional1,5111,626-115-7.1Total2,6982,31338516.7USDbnUSDbnUSDbnm FFEUSD/FFEUnit cost at fixed bunker2,412(USD 2.2bn)(2,313 USD/FFE)(2,371 USD/FFE)The increase of 1.7%was driven by the higher cost associated with the Red Sea situation,slightly offset by the higher volumes.202420232022202

332、120202,4122,3712,5332,1862,055USD/FFE2021202220232024202003,0002,0001,0004,0005,000Higher bunker consumption by 14%and higher container handling costs by 5.5%were attributable to the re-routing south of the Cape of Good Hope.Network cost excluding bunker decreased by 1.5%,mainly due to the lower por

333、t and canal cost associated with fewer Suez Canal crossings off-setting the increased transhipment,time charter equivalent and slot charter costs.SG&A decreased by 10%reflecting the continuous efforts to streamline the organisation.Operating costs28.2 bn(USD 26.8bn)USDbn202120222023202420200201030402020202120222023202429.248.264.333.737.42020202420232022202100%302590%1060%30%2020202120222023202412