Comment / AP Møller-Mærsk – D&D-propelled earnings marvel

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While business partner Hapag-Lloyd keeps growing its orderbook – the German carrier’s Terminal & Infrastructure business is still a rounding error in terms of group profits, however – AP Møller-Mærsk (APMM) keeps doing what it has done ever since the Red Sea crisis started in late 2023, banking on ocean services’ strength. With Q1 25 Ocean Ebitda responsible for 70% of the group’s adjusted operating cash flows (or Ebitda), as disclosed today.

Just as tariff risk heavily weighs on goods shipped ...