THE END of marine services group, Svitzer’s 45-year association with A.P. Møller – Mærsk A/S ownership was marked with its first annual report.
The 2024 report recorded a year of solid performance and what it described as strategic progress with expansion across the globe following its demerger and listing on Nasdaq Copenhagen.
The report said that becoming an independent company had provided Svitzer with a robust platform to continue executing its strategy while listening to and responding to the needs of customers, investors, and other stakeholders.
The group delivered financial results exceeding its initial expectations for the year, with revenue growth of 9% in constant exchange rates, an adjusted EBITDA growth of 11%, and an improvement in underlying ROIC of 0.8 percentage points.
Despite a slight slowdown in the number of new contracts awarded in the market, Svitzer reported securing several commercial contract wins in 2024, including a five-year contract awarded by the Panama Canal Authority, starting in 2025.
Svitzer is the first third-party operator to receive a long-term chartering agreement with the Panama Canal Authority.
In Brazil, the group was awarded its first terminal towage contract and began operations, while also entering its ninth port, Sao Luis Port (Itaqui).
Several existing contracts were also extended.
In September, the group’s first TRAnsverse tug, the Svitzer Taurus, began operations in the Port of Amsterdam, the Netherlands. The next-generation multipurpose tugboat offers greatly improved manoeuvrability and escort capabilities, reduced carbon emissions, and a higher level of safety compared to other tug designs.
Svitzer has seven TRAnsverse tugs on order for fleet renewal.
Founded in 1833, Svitzer is a leading global provider of port and terminal infrastructure, serving approximately 2,000 customers in 143 ports and 40 terminals across 37 countries with a fleet of 446 vessels.
