News in Numbers

AP Moller-Maersk has agreed to invest $600m into Nigeria’s port expansion and improvement project. The investment adds to the Nigerian Government’s $1bn input to reconstruct the country's seaports.

Royal Caribbean Group has increased its outlook for 2024, after recording a significant turnaround in Q1 results compared to 2023, recording an adjusted net profit of $478m in Q1 2024 compared to an adjusted net loss of $59m in Q1 2023.

AP Moller–Maersk has reported a net profit of $208m for Q1 2024. While significantly lower than the $2.3bn reported in Q1 2023, it falls in line with expectations due to strong volumes being balanced by higher operating costs from the rerouting required by the attacks in the Red Sea. 

The UK’s Maritime Minister has announced a new funding stream for young technologies in shipping and the wider marine sector. The Smart Shipping Acceleration Fund is a route to access £8m ($9.8m) from the two-year-old UK Shipping Office for Reducing Emissions programme. The 2022 initiative is worth £206m ($254m) overall. 

Subsea technology and engineering company Unique Group has signed a $1.7m contract with maritime tech business Kongsberg Discovery for seabed mapping and compact acoustic positioning equipment. The deal covers three systems to be used at Unique’s Singapore business.