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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

Letter from the CEO

In connection with the publication of A.P. Moller Holding’s Annual Report 2023, our CEO, Robert M. Uggla shares his reflections on last year’s activities and highlights from across the A.P. Moller Group.

Pernille Erenbjerg appointed Chair of KK Wind Solutions

Following the acquisition of Nissens Cooling Solutions, Pernille Erenbjerg has been appointed as the new Chair of KK Wind Solutions.

Maersk Tankers and Penfield Marine to create a tanker company with unique reach

Maersk Tankers has acquired Penfield Marine to create a large-scale crude and product tanker company offering pool partners and cargo customers a wider range of services.