{"id":80265,"date":"2024-08-08T00:00:00","date_gmt":"2024-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/08\/maersk-posts-2q-earnings-and-acquisitions-take-the-spotlight\/"},"modified":"2024-08-08T00:00:00","modified_gmt":"2024-08-08T00:00:00","slug":"maersk-posts-2q-earnings-and-acquisitions-take-the-spotlight","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/08\/maersk-posts-2q-earnings-and-acquisitions-take-the-spotlight\/","title":{"rendered":"Maersk posts 2Q earnings and acquisitions take the spotlight"},"content":{"rendered":"

Maersk\u2019s bottom line dropped 45.1% y-o-y in 2Q 2024<\/strong> netting USD 833 mn compared to <\/strong>USD 1.48 bn during the same period in 2023<\/strong>, according to an financial statement (pdf)<\/a>. The company\u2019s revenues brought in USD 12,771 mn during the quarter.<\/p>\n

Despite challenges, things are looking up: <\/strong>The company\u2019s logistics and services sector rose by 7% y-o-y, and expanded volumes through all its product sectors, says the statement. The growth was stimulated by a rise in asset use, positive cost control measures, and initiatives launched to tackle customer implementation challenges in its North American ground freight industry. Its maritime sector recorded high volume growth and freight rates, most prominently in its Asia exports, driven by increasing supply chain pressures.<\/p>\n

Responding to growing demand:<\/strong> Maersk has increased its fleet renewal targets by USD 1 bn to meet growing global container demand, with its 2024 to 2025 capital expenditure expectations now expected to reach between USD 10 bn and USD 11 bn, Reuters<\/a> reports. Global demand for container transport is slated to continue to rise this year, but is expected to grow at a slower pace, Maersk said. <\/p>\n

The order breakdown:<\/strong> Maersk is currently signing orders for 50 to 60 owned and chartered dual-fuel vessels, according to a statement<\/a>. With Maersk\u2019s owned vessel capacity to amount to around 300k TEU and 500k TEU to be operated through time-chartered agreements. The details of the orders, including the suppliers and delivery timelines were not specified.<\/p>\n

REMEMBER- <\/strong>Maersk forecasted last week<\/a> that disruptions to global trade caused by tensions in the Red Sea will not be resolved this year. Trading conditions will continue to experience above-average volatility due to Red Sea disruptions and an unstable supply and demand outlook for 4Q. With the global container market volume expected to rise for the full year by 4% to 6%, up from previous estimates of 2.5% to 4.5%, Maersk said.<\/p>\n

\n

\n

South Korea\u2019s Air Incheon will uptake Asiana Airlines\u2019 cargo unit in a USD 342 mn <\/strong>acquisition<\/strong>, which will make Air Incheon South Korea\u2019s second-largest freight carrier, Reuters<\/a> reports. Asiana Airlines will transfer over its full fleet, staff, customer, and traffic rights. Air Incheon was approved as the preferred bidder by the EU competition regulator. <\/p>\n

Background: <\/strong>Korean Air, the nation's largest air carrier, is waiting on approval from EU antitrust authorities to acquire some two-thirds of Asiana for around USD 1.4 bn, according to the newswire. The authorities wanted to sell Asiana\u2019s cargo arm before full approval of the transaction was delivered. The firm expects a final decision to be announced by the end of October.<\/p>\n

\n

\n

China is implementing measures to ensure its pilot freetrade zones (FTZ) meet <\/strong>high international standards<\/strong>, Xinhua<\/a> reports, citing a Commerce Ministry statement. The measures cover FTZs in Shanghai, Guangdong, Tianjin, Fujian, Beijing and the Haian Freetrade port, and involve easing regulations on the importation of some 62 types of remanufactured products. The move looks to boost China\u2019s engagement with international trade agreements and attract investment to the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stories on our radar this morning from around the world<\/p>\n","protected":false},"author":1,"featured_media":80266,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[149],"tags":[148,145,248,336,118,123,21],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-aviation","tag-china","tag-ma","tag-maersk","tag-shipping-maritime","tag-zones","wpautop","entry"],"acf":{"mongo_id":"f2251059-fcb0-4093-aa6c-3febf81677e7","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/695.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Global earnings and acquisitions take the spotlight","related_issue":[80250],"teaser":"Stories on our radar this morning from around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.ad3b0d83-ea7d-4040-84dd-dc84002eeec0.mp3"},"yoast_head":"\nMaersk posts 2Q earnings and acquisitions take the spotlight - 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