Q1 2024 AP Moeller - Maersk A/S Earnings Call Transcript
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Welcome, everyone, and thank you for joining us on this earnings call today as we present our first quarter results for 2024. My name is Vincent Clerc, I'm the CEO of A.P. Moller, and with me in the room today is our CFO, Patrick Jany.
Yes, we can move straight to the slide. The first quarter 2024 played out as we expected. With an EBIT of $177 million, we deliver a strong sequential recovery in earnings. Our 3 main business segments of Ocean, Logistics & Services and Terminals all saw year-on-year volume growth with a demand that has stabilized.
In our Ocean business, we saw strong market demand towards the upper [end] volumes of our volumes outlook of 2.4% to 4.5%. While on the supply side, the Red Sea disruptions has persisted for the entire quarter and counting, leading to under supply as vessels sailed longer routes. These 2 factors have led to higher rates. We have reconfigured now our network to tackle
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