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22 March 2024

Annual Report 2023

A.P. Moller Holding enjoyed strong cash inflow and experienced an increase in net asset value in 2023 despite headwinds in global trade

At the end of 2023, A.P. Møller Holding A/S (A.P. Moller Holding), the parent company of the A.P. Moller Group saw a full-year cash inflow of USD 6bn and a net asset value (NAV) increase to USD 32bn.

The A.P. Moller Group concluded 2023 with a consolidated revenue of USD 56bn, EBITDA of USD 10bn, a net result of USD 5bn, and total consolidated assets of USD 110bn. The NAV increased 8% to USD 32bn. The public markets portfolio delivered a return of 16% during the year.


“The A.P. Moller Group experienced a satisfactory development in 2023 despite headwinds in global trade. A.P. Moller Holding continued its portfolio diversification with the Maersk-related affiliates (A.P. Moller - Maersk, Maersk Supply Service, and Maersk Tankers) now contributing to approximately 40% of total net asset value at year-end and with a growing share of investments in public equities and private holdings.”
Robert M. Uggla, CEO at A.P. Moller Holding

Highlights of the year

  • A.P. Moller – Maersk experienced a rapidly deteriorating freight market.
  • Danske Bank continued to deliver improved financial results in a historically strong Nordic banking market.
  • Faerch continued to expand its market-leading offering of circular food packaging, completed the integration of PACCOR, and acquired a small company in the US.
  • KK Wind Solutions closed its acquisition of Vestas’ converters and controls business as part of a long-term supply partnership with Vestas and announced the acquisition of Nissens Cooling Solutions.
  • A.P. Moller Holding acquired Maersk Supply Service.
  • At the beginning of 2024 Maersk Tankers closed the acquisition of Penfield Marine.
  • The A.P. Moller Group pursued several investments during the year to support the energy transition in global trade. A.P. Moller – Maersk deployed the world’s first green methanol-enabled container vessel and Maersk Tankers’ placed an order for Very Large Ammonia Carriers (VLAC) with the first four due to be delivered from late 2026.

For further information, please visit or contact Mika Bildsøe Lassen, Head of Branding and Corporate Communications, 2055 2655

News from the A.P. Moller Group

A.P. Moller Holding combines Maersk Supply Service with DOF Group and creates Maersk Offshore Wind

A.P. Moller Holding has entered into an agreement to combine its subsidiary Maersk Supply Service A/S with Norwegian DOF Group ASA (DOF Group) to create a leader supporting the offshore oil and gas industry. Maersk Supply Service’s innovative wind offshore installation concept will remain owned by A.P. Moller Holding as an independent offshore maritime company named Maersk Offshore Wind, focusing the growing global offshore wind installation market.

A.P. Moller invests in Tenderd

Tenderd is a global leader in digital transformation for heavy equipment management and operations.

Chetan Mehta, Head of Growth Equity at A.P. Moller Holding, said: “Tenderd is a leader within telematics solutions with a platform that offers real-time visibility and insights for heavy equipment across a range of industries. Their solutions enhance operational efficiencies, improve safety and mitigate carbon emissions. We are excited to be investing in Tenderd and we look forward to contributing to their continued growth.”

Novo Holdings and A.P. Moller Holding back CIRCTEC, a leader in pyrolysis for sustainable end-of-life tyre recycling, in a €150 million financing round

Novo Holdings and A.P. Moller Holding have enabled a €150 million fundraise for CIRCTEC by leading with a €75 million equity investment. Financing includes €22.5 million of grants awarded by the Government of the Netherlands.