Continuing its commitment to fleet renewal, Danish shipping and logistics giant A.P. Moller – Maersk has placed an order for ten liquefied natural gas (LNG) dual-fuel containerships in China. The vessels will be constructed at Yangzijiang Shipbuilding, adding to Maersk’s substantial orderbook. According to data from Intermodal, these ships will have a nominal capacity of 17,000 TEUs.
Each ship is priced at $202 million, bringing the total contract value to an impressive $2.2 billion. The Neo Panamax containerships are expected to be delivered between 2027 and 2029.
In August 2024, Maersk announced it was in the process of securing newbuild orders and time-charter contracts for dual-fuel vessels to align with its annual fleet renewal target of 160,000 TEUs. This initiative includes plans for a combined total of 50-60 dual-fuel containerships, with 800,000 TEUs in total capacity. Of these, approximately 300,000 TEUs will be owned, while the remaining 500,000 TEUs will be secured through time-charter agreements.
Q3 2024 Financial Highlights: Strong Performance and Upgraded Guidance
Maersk reported robust performance in the third quarter of 2024, with growth across all business segments. The company’s financial results were significantly above the previous year, driven primarily by strong gains in the ocean segment, alongside solid performances in logistics, services, and terminals.
The group’s consolidated revenue for the quarter rose to $15.7 billion, a 30% increase from $12.1 billion in the same quarter last year. EBIT surged to $3.3 billion, up from $538 million, and EBITDA reached $4.7 billion compared to $1.8 billion in 2023.
On October 21, Maersk revised its guidance for the full year, now forecasting underlying EBIT of $5.2 billion to $5.7 billion, up from its previous projection of $3 billion to $5 billion.
Pathway to Net-Zero by 2040
Maersk has set a net-zero target for 2040, becoming the first shipping and logistics company to have its pathway approved by the Science Based Targets initiative (SBTi). To meet these goals, Maersk previously placed orders for 25 owned dual-fuel methanol vessels, five of which are already in service, with the remaining 20 on order.
In 2023, the company transported over 660,000 TEUs using green fuels, preventing more than 683,000 tonnes of greenhouse gas emissions from entering the atmosphere.
