Profit down, revenue up for Svitzer's first year as a standalone company

In its first year as a listed company following its demerger from the Maersk shipping group, global towage services supplier the Svitzer Group has reported revenue growth of 8.9 per cent but a significant profit drop of 45 per cent from DKK694 million ($101 million) to DKK377 million.

“This, our first year as a listed company, became another year of strong financial performance and strategic progress," commented Svitzer CEO, Kasper Friis Nilaus.

"Based on successful commencement of commercial contracts won in recent years, timely implementation of tariff increases to offset inflation, and some larger special jobs, we delivered financial results above our initial expectations for 2024.

"Despite seeing a slight slowdown in the number of new contracts awarded in the market, we managed to secure several contract wins, including a five-year contract with the Panama Canal Authority.

"Moreover, a number of existing contracts came up for renewal during the year, all of which were extended for another period, supporting continued growth."

Svitzer owns around 450 vessels and operates in more than 140 ports and 40 terminals across 37 countries.