28 March 2025
Letter from the CEO
In connection with the publication of A.P. Moller Holding’s Annual Report 2024, our CEO, Robert M. Uggla shares his reflections on last year’s activities and highlights from across the A.P. Moller Group.
The A.P. Moller Group developed satisfactory in 2024, despite economic headwinds in some of its bigger markets and an increasingly complex geopolitical landscape. The Group ended the year with a revenue of DKK 425bn (USD 62bn), EBITDA of DKK 91bn (USD 13bn), a net result of DKK 49bn (USD 7bn), and total assets of DKK 831bn (USD 116bn).
During the year, the parent company of the Group, A.P. Moller Holding, pursued investments and add-on acquisitions across its segments ‘public markets’, ‘principal holdings’, ‘growth equity’, and ‘scale-ups’. The principal, scale-up, and growth equity investments remain centred around the investment themes ‘global trade’, ‘the energy transition’, ‘circularity, water & waste recovery’, and ‘demographic & societal change’.
At the end of 2024, A.P. Moller Holding remained debt free, with a full year cash inflow of DKK 17bn (USD 2bn). The net asset value increased 7% to DKK 230bn (USD 32bn) with our liquid public markets portfolio valued at DKK 44bn (USD 6bn) recording a 16% return for the year.
News from the A.P. Moller Group
Acquisition of Ocean Yield is complete
A.P. Moller Holding announced the acquisition of Ocean Yield on 2 July 2026. With all regulatory approvals obtained, the transaction has now been successfully completed. Ocean Yield holds interests in over 70 modern vessels across several core shipping sectors, including gas carriers, container ships, LNG carriers, crude, product and chemical tankers, and dry bulk carriers.
“We are impressed by Ocean Yield’s performance and its management team. We believe that combining Ocean Yield’s compelling platform with our century-long experience in the maritime industry will create a strong partnership. In addition, we see Ocean Yield’s business model, with its stable cash flow, as an excellent complement to our existing maritime portfolio,” says Martin Larsen, CFO of A.P. Moller Holding.
A.P. Moller Holding announces the acquisition of Ocean Yield from KKR
A.P. Moller Holding and KKR, a leading global investment firm, today announced that they have signed an agreement under which a subsidiary of A.P. Moller Holding will acquire 100% of Ocean Yield AS (Ocean Yield), a leading global ship leasing platform, from funds managed by KKR.
Letter from the CEO
In connection with the publication of A.P. Moller Holding’s Annual Report 2025, our CEO, Robert M. Uggla shares his reflections on last year’s activities and highlights from across the A.P. Moller Group.