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toyota APM Terminals Gibraltar Stockholdings (TGS), a specialist distributor of Toyota vehicles and spare parts for humanitarian agencies worldwide, has extended its business with APM Terminals to ensure the safe and just-in-time arrival of Toyota vehicles at their destination.

This is an expansion of the service provided by Maersk, and the result of experience at APM Terminals Algeciras, where the team has stuffed containers and loaded an average of 3,000 cars a year since 2004.

At the terminal, experts load and secure each vehicle in 20 or 40-foot containers. By doing so, they will be loaded onto container ships and require only limited infrastructure at the destination during unloading. In this way, Maersk, together with APM Terminals, ensures that TGS Toyota vehicles arrive where they are needed without a scratch and ready to facilitate the work of humanitarian organisations.

Following the success of the experience, APM Terminals is exploring opportunities to further expand these capabilities across its network so that even more vehicles can reach their end users in the most remote corners of the world quickly and safely. APM Terminals Valencia was the latest terminal to join the service, and since December has been loading vehicles that do not require pitting for equipment modifications.

Maersk financial results 2023 A.P. Moller - Maersk (Maersk) delivered solid financial results for 2023 in line with our financial guidance for the year.

While volumes were up across most products and strong cost control helped improve results, rates continued to erode, particularly in Ocean. Revenue for 2023 was USD 51.1bn with an EBIT margin of 7.7% impacted by declining freight rates.

"2023 was a transitional year following the extraordinary market boom caused by the pandemic. We secured solid financial results despite significantly changed circumstances, and we are well positioned to manage the expected headwinds in 2024. By taking early and decisive measures to enforce strict cost management, we adapted to the new reality. We need to see further progress in the logistics business to align with our targets, as we continue to push our transformation forward and enhance our competitiveness. The current market remains one of robust volumes, but while the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results. The ongoing disruptions and market volatility emphasize the need for supply chain resilience, further confirming that Maersk's path toward integrated logistics is the right choice for our customers to effectively manage these challenges." Vincent Clerc, CEO of A.P. Moller - Maersk.

Ocean saw strong schedule reliability and the continued efforts to bring down costs helped ease headwinds from the rapid increase in supply. Financial results were still strong due to robust cost containment but eroded during the year, as continued challenging market conditions resulted in substantially lower freight rates.

Logistics and Services continued to win new business but destocking at the beginning of the year followed by lower rates led to a decrease in revenue. Profitability declined compared with 2022 and an increased emphasis on cost management helped protect margins and reset the cost basis.

Terminals continued the steady performance and secured another very strong year. Despite a decline in storage revenue given the market normalisation, diligent execution on operational excellence, cost control, price increases and utilisation led to Return on Invested Capital (ROIC) of 10.5%, ahead of mid-term targets.

Guidance is based on the expectation that global container volume growth in 2024 will be in the range of 2.5% to 4.5% and that Maersk will grow in line with the market. It is further expected that the significant oversupply challenges in the Ocean industry will materialise fully over the course of 2024. High uncertainty remains around the duration and degree of the Red Sea disruption with the duration from one quarter to full year reflected in the guidance range. Front-loading is expected towards the start of 2024.

The Board of Directors of Maersk has decided to initiate a demerger of Maersk’s towage business which will be tax exempt for Danish tax purposes. The activities in Svitzer A/S (Svitzer) and its subsidiaries will be contributed to a new company with the legal name Svitzer Group A/S (Svitzer Group) which shares will be distributed pro-rata to Maersk shareholders and are expected to be admitted for trading and official listing on Nasdaq Copenhagen A/S (Nasdaq Copenhagen).

Having evaluated the different options for Svitzer, Maersk has concluded that Svitzer as a stand-alone listed entity is the best option for the company and for long-term value creation for Maersk shareholders, offering them the possibility to participate in the future growth of a global leader within towage with attractive development prospects. Subject to approval by the Maersk shareholders at an EGM in late April, the anticipated first day of trading and official listing for the shares of Svitzer Group on Nasdaq Copenhagen is 30 April 2024.

A total distribution of cash to shareholders of USD 771m from share buy-backs took place during Q4 2023. For the full year the cash distribution was USD 3.1bn.

Given the heightened uncertainty, the Board of Directors has decided to immediately suspend the share buy-back programme, with a re-initiation to be reviewed once market conditions in Ocean have settled.

The Board of Directors proposes a dividend to the shareholders for 2023 of DKK 515 per share of DKK 1,000, corresponding to 30% of underlying net results as per the company’s dividend policy.

Financial performance for A.P. Moller - Maersk for 2024 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates.

BIFA CBER UK freight forwarders have welcomed the news that the UK’s Competition and Markets Authority (CMA) will not recommend to the Secretary of State for Business and Trade that the current Consortia Block Exemption Regulation (CBER) be replaced by a UK equivalent when it expires on 25 April 2024.

The CMA conducted a robust analysis of the deep sea container shipping market, investigating several scenarios, and concluded in November 2023 that the conditions did not warrant the continued existence of a CBER for UK maritime movements – the same view had already been reached by the European Commission.

Second opinions were invited by the CMA, and BIFA did provide some additional information to support its original arguments. The CMA has now upheld its original decision concluding that self-assessment is the best and most effective way for shipping lines to co-operate.

Steve Parker Director General of the British International Freight Association (BIFA) says: “The decision confirms the provisional recommendation made by the CMA in November 2023 and is a sensible conclusion to the ongoing container market public consultation that has been conducted by the CMA since the start of last year.”

In the recent past, the UK’s main trade association for freight forwarding and logistics companies has said that its members are extremely concerned that practices undertaken by container shipping lines, as well as easements and exemptions provided to them, have been distorting the operations of the free market to the detriment of international trade, businesses and consumers.

“Whilst this regulatory change, if implemented, will not end shipping line consortia and alliances, it will allow greater and ongoing scrutiny of such arrangements; and ensure that the lines will be subject fully to competition law. That will be welcomed by BIFA and its members and we call on the Secretary of State for Business and Trade to uphold the Agency’s decision.

“BIFA, and its members, are not anti-shipping line. Members know that shipping lines are essential parties in the global supply chain and hope that this decision will create a suitable balance between shipping lines as carriers, and its members as customers; leading to the creation of a long term, stable and successful deep sea container market that is in the best interest of all who are engaged in international trade.”

APM OEM APM Terminals’ journey to towards becoming a world class asset management organisation started some years ago.

In this next step of the journey, APM Terminals is calling on Original Equipment Manufacturers (OEMs) to support them in developing a competence development framework that will set the benchmark for professional development in the port industry.

To support the company’s journey from reactive asset maintenance to predictive asset management, a global team of APM Terminals’ experts has been improving asset management capabilities, technology and company culture - sharing best practise around the world and introducing standardised planning.

In this latest step, a technical competence framework is being developed. It will combine knowledge from internal expertise, technical institutes, and Original Equipment Manufacturers (OEMs). This will enable the asset management team to also adopt best practises from third parties and combine the most applicable techniques into its capabilities. It will also form part of a broader technical development plan for asset management teams at the company’s terminals.

“The competency framework project strategically organises vital knowledge and simplifies training processes,” explains Ivan Garcia Jorquera, Competence Development Specialist at APM Terminals. “Strengthening collaboration with OEMs is paramount for acquiring deep insights into equipment technology that align with maintenance objectives.”

For OEMs it provides an opportunity to build a stronger long-term relationship with APM Terminals through a joint commitment to service success. A long-term partnership can help support effective product design, by providing a 360-degree feedback loop to identify potential product issues at an early stage and open doors to exploring collaborative innovation. From an OEM cost saving perspective, resulting improved equipment reliability can minimise breakdowns and therefore costly technical assistance or warranty claims.

Last year, wire rope manufacturer, Verope, became one of the first OEMs to contribute their knowledge and expertise in wire rope management in close cooperation with APM Terminals Callao in Peru. In a statement issued by Verope they explained, “This strategic collaboration represents a one-of-a-kind opportunity to share our experience and knowledge on a new level. By joining this program, we are looking forward to delivering tangible benefits including practical experience that helps improve daily processes; skills development adapted to the specific needs of the company and real-time feedback from our technical field engineers.”

The new technical competence framework will not only lift standards of efficiency with improved availability and minimal downtime for APM Terminals but will also improve safety. “Joint skill development enhances our internal expertise, reducing risks in equipment handling and ensures a safer workplace for our employees, customers and partners,” explains Ivan Garcia Jorquera. “Highly skilled technicians also enable faster, more precise maintenance and minimized disruptions leading to greater customer satisfaction.”

“We openly invite OEMs to collaborate with us on training materials and competence validation in the port industry. It's becoming increasingly clear that the industry is shifting towards mandating this. Precise fault diagnosis and effective repairs can help reduce carbon footprints, ensures safe maintenance practices, and foster a more sustainable business approach,” he concludes.

HWA Darwynn The North American warehouse automation market is undergoing rapid changes as it continues to expand and innovate.

Shuttle systems pioneer HWArobotics is attracting attention in the region with the recent adoption of its technology by Canadian e-commerce fulfilment specialist Darwynn.

Third-party logistics provider Darwynn, which prides itself on using cutting-edge warehousing solutions, turned to HWArobotics to streamline order fulfillment operations at its site in Toronto, Canada. Robotic automated storage and retrieval systems (Shuttle ASRS) technology from HWArobotics - comprising a multi-level shuttle system of 24 carts, 10,368 storage locations and 6 goods lifts - was selected by Darwynn for its intelligent logistics center.

Darwynn provides sellers with localized warehousing, logistics and after-sales services through an integrated e-commerce platform, modularized intelligent warehouse, and seamless integration with multiple logistics platforms. It was looking to meet the demands of its business expansion as the number of SKUs within its facilities increases, in addition to enhancing service quality, efficiency, safety, and its sustainable development capabilities.

With 20,000 individual SKUs handled by the new facility, the HWArobotics Shuttle ASRS “goods-to-person” system was able to increase throughput for Darwynn to 2,400 bins/hour. In the first phase of Darwynn’s project, storage is configured as 3 double-deep aisles and 8 levels for the efficient parallel operation of multiple shuttle carts.

The shuttle ASRS solution, with picking stations and WCS systems, was easily integrated into Darwynn’s end-to-end fulfilment operations via HWArobotics’ industry-leading speedy onboarding process. It has delivered a series of benefits for Darwynn and its customers, including: Optimized inventory management; Enhanced operational efficiency; Higher throughput; Improved warehouse space utilization; Expanded storage capacity; Reduced overall business costs; Lower error rates; Reliability and ease of maintenance.

Complementing Darwynn’s real-time inventory tracking and e-commerce offering and meeting the demands of sellers and buyers, the new system is also future-proofed - with total inventory capacity of 200,000 items, the capability to meet peak business needs, and the adaptability to match Darwynn’s growing demand.

Commenting on the project, HWArobotics General Manager, Sky Chen, explains, “This project delivered an efficient, reliable, user-friendly and easily-maintained multi-level shuttle ASRS warehouse system. We are very pleased with the system performance so far and the potential the solution offers to Darwynn for further expansion. We look forward to continuing this successful partnership in the future.”

Darwynn is just one of many successful customer deployments by HWArobotics. Bringing its 20 years of rich industry experience in logistics automation to North America, the company has established a high-performance team in the region to provide extensive global after-sales service, with on-site engineers to assist post-sales. The company debuted its SLS600 four-directional tote shuttle robot at the ProMat 2023 trade expo in Chicago last March to gain momentum and seek further partnerships with North American system integrators.

Sky Chen, adds, “Our tested and trusted ASRS solutions embody advanced design principles and are based on two decades of industry knowhow, innovations, and outstanding R&D competence. Leveraging our extensive experience in supply chain efficiencies across the Asia-Pacific region, HWArobotics is an ideal partner for companies in North America, offering our full range of shuttle robot products. We are keen to bring our value proposition to U.S. system integration partners to achieve a win-win situation for the long term.”

In addition to its expanding customer base in North America, HWArobotics also has successful deployments of its pioneering shuttle technology around the globe, with customers including Shein, Bosch UAES, SONY, Freshippo (Alibaba Group's grocery retail chain), Hisense Hitachi, Faurecia (a subsidiary of global automotive technology giant FORVIA Group), JD.com, and Phoenix Media. In South Korea, the company has been a key part of consumer co-operative group iCOOP’s fresh food project, supplying a solution with 22 shuttle cars, 4,840 storage spaces and 4 goods lifts.

HWArobotics was recently nominated as a “Finalist” for the prestigious IFOY Award 2024. Run by German logistics prize group IFOY, the international industry prize this year features 15 companies from 6 countries. The winners are determined by an independent jury of international trade journalists and will be announced in June at a ceremony in Baden, near Vienna, Austria. Announcing the shortlist, Anita Würmser, Chairperson of the IFOY jury declared that the finalists “reflect the mega trends of our time”.

Maersk Shanghai lclMaersk, the world's leading shipping and logistics company, announces today that Maersk pilots Shanghai as its new global gateway of Less-than-Container-Load (LCL) shipments.

This signifies a groundbreaking milestone in the industry for shipments from different nearby countries and areas to be consolidated and transported via Shanghai to the rest of the world. This development comes as a direct result of recently relaxed local restrictions, enabling Shanghai to play its role as a LCL global gateway to serve for international consolidation for the very first time. This decision also opens up new opportunities to further solidify Shanghai's position as a vital hub in global trade.

Previously LCL cargos in China were predominantly transited through other traditional gateways, such as Hong Kong, Singapore, or Tanjung Pelepas. With this transformative development, Maersk has taken the initiative to pilot the new process and develop new route combinations, becoming the first company to utilize Shanghai as its LCL strategic global gateway.

"We are very excited to activate Shanghai as our global gateway for Maersk LCL business. It will enable us to elevate the level of service we offer to our global customers, with improved sailing frequency, even-higher reliability, more flexibility, and better cost effectiveness." Gary Yang, Global Head of LCL and Insurance Products, A.P. Moller-Maersk.

To bolster the service coverage of the Shanghai gateway, Maersk is further expanding its LCL global consolidation network. This expansion entails the introduction of over 50 new trade lanes directly connecting to and from Shanghai, resulting in over 200 direct LCL routes facilitated through the Shanghai port.

"Comparing to other traditional gateways, the Shanghai gateway will greatly benefit Maersk’s global LCL network, especially for export and import operations within the Asia Pacific region, offering improved connectivity, shortened transit time, lowered cost and improved logistics efficiency. It’s our commitment to connect and simplify customers’ supply chain." Jay Zhang, Head of LCL Product, Maersk Greater China Area.

China is the largest origin for Maersk’s LCL business. Considering current dynamics, the new global gateway in Shanghai will enable Maersk to offer better options for customers and bring potential for further business expansion. Moreover, with continuous growth of China's export, especially cross-border e-commerce business, coupled with its strong position as a global trade powerhouse, there is still significant room for development and increased demand in Chinese LCL sector.

DSV Executive Board In line with its long-term succession planning, DSV has made changes to the Executive Board and the Group Executive Committee.

These appointments will strengthen the company's change capacity and support its commercial approach, while ensuring continuity across all operations.

Following the recent announcement of changes to the Executive Board, DSV can confirm that, effective 1 February 2024, current Group COO and Vice CEO Jens H. Lund will assume the position of Group CEO of DSV A/S, and Jens Bjørn Andersen steps down after more than 15 years in charge of the DSV Group.

Brian Ejsing is appointed new Group COO of DSV A/S and will join the Executive Board. Brian started his career at DSV as a freight forwarder in 1986 and has held senior managerial roles in several countries and in both our Road and Solutions divisions. Brian has been CEO, DSV Solutions, and part of the Group Executive Committee since 2012. Over the years, Brian has been instrumental in developing and growing the Solutions division and has played an important role in the integration of acquired companies.

Thomas Plenborg, Chairman of the Board of Directors of DSV A/S: "Following a seamless and swift handover process, the time is right to pass on the responsibility to Jens Lund. Jens Bjørn Andersen has delivered incredible results and significant value for our shareholders since 2008, and on behalf of the Board of Directors, I would like to take the opportunity to, once again, thank Jens Bjørn for his contribution over the years. I also welcome Jens Lund as our new Group CEO. Jens has an innovative mindset and deep knowledge of our industry, and I am confident that Jens and the team around him will drive DSV's continued journey."

Effective 1 February 2024, the DSV Executive Board consists of Group CEO Jens H. Lund, Group COO Brian Ejsing and Group CFO Michael Ebbe.

In addition to the changes to the Executive Board, the following appointments have been made to the Group Executive Committee.

With effect from 1 February 2024, Albert-Derk Bruin is appointed new CEO, DSV Solutions. Albert-Derk previously held the position of Executive Vice President, Business Strategy, Excellence and Change Management in the Solutions division. Albert-Derk joined DSV in 2010 and has been part of the division's Executive Management Team since 2019.

Effective 1 February 2024, Morten Landry is appointed new Group CCO. Morten has been part of the DSV group for more than 20 years and previously held the position of Managing Director, Air & Sea United Kingdom and Ireland.

As a consequence, Rene Falch Olesen will step down after more than 40 years with DSV. Rene has been CCO and part of the Group Executive Committee since 2009.

Effective 1 May 2024, Carsten Trolle, CEO, DSV Air & Sea, has decided to step down after more than 39 years with DSV and 9 years in charge of the Air & Sea division. Carsten will continue in a central role and support the Group with strategic projects.

Frank Sobotka is appointed new CEO, DSV Air & Sea. Frank joined DSV 14 years ago and currently holds the position of Managing Director, Air & Sea Germany, and Executive Vice President for Central Eastern and Southern Europe. Frank has held senior managerial roles in several countries over the years and has been part of the division's regional management team since 2018. Frank has 34 years of experience in the logistics industry.

As the above changes take effect, the Group Executive Committee will consist of the Executive Board; CEO, DSV Air & Sea, Frank Sobotka; CEO, DSV Road, Søren Schmidt; CEO, DSV Solutions, Albert-Derk Bruin; Group CCO Morten Landry and Group CIO Jesper Riis.

Jens H. Lund, Group CEO of DSV A/S: "I would like to sincerely thank Carsten Trolle, who has been instrumental in the development of the Air & Sea division over the years, through large integrations and challenging markets. I am happy that Carsten will stay on board to support us after he steps down as CEO for the division. I also sincerely thank Rene, his significant contribution to DSV during the past many years has played an important part in the development of our commercial organisation and commercial support systems.

I welcome Brian Ejsing as Group COO and a strong addition to our Executive Board. Brian has an outstanding track record in DSV and will now take over the responsibility for the continued optimisation of our processes and global network. At the same time, I would also like to congratulate Frank, Albert-Derk and Morten on their new responsibilities. I look forward to our cooperation and to continuing the growth and development of our company.

In addition to these changes, the divisional management teams will be expanded with a COO position. Each division will have a CEO, COO and CCO to further strengthen our change capacity and commercial approach. This is in line with our long-term succession planning and a product of the strong talent pool we have across the DSV organisation."

Unsworth MD Thomas Kuehn has joined leading independent freight forwarder Unsworth, as managing director of its UK business, with current managing director, Richard Hogg becoming chief executive officer of the Unsworth group, and Charles Hogg leading the company’s client solutions team as commercial director.

Kuehn joins from World Transport Agency (WTA), where he had been MD for almost a decade, in a year that will see Unsworth celebrate the golden jubilee of its formation in 1974.

With a strong track record in developing independent freight forwarding businesses, he also spent ten years at JE Bernard as global key account director and was a director at Kuehne+Nagel.

Kuehn said “My vision for the future of freight forwarding aligns perfectly with Unsworth’s demonstrable investment in technological innovation and business processes, proven commitment to client satisfaction and the promotion of a culture of continuous improvement.

“Technology has been a huge enabler of the company’s growth, and will continue to be so. In my new role, I see a tremendous opportunity to further leverage data and technological solutions to better serve our customers; and differentiate us from our competition.”

Unsworth group CEO Richard Hogg added: “In a landmark year for the company, this appointment is part of our ongoing strategy to strengthen our senior management team and capabilities to ensure that we can meet our expansion goals in the UK and overseas.”

BIFA apprentices It’s a tough call, with so much uncertainty facing the freight forwarding and logistics sector, but now is the time to step up apprentice recruitment, says the British International Freight Association (BIFA).

It is National Apprentice Week next week, and BIFA is taking the opportunity to remind its members that the International Freight Forwarding specialist apprenticeship, which BIFA helped create in 2018, is an ideal entry point for the industry.

As part of National Apprenticeship Week, BIFA is running an online event for members on February 8th, that will assist in navigating the perceived red tape around recruiting apprentices.

Most of the trade association’s members are SMEs and may be nervous about apprentice recruitment. So it wants to share its own experience of employing its first two apprentices to help guide and reassure members about the processes involved.

BIFA member services director Carl Hobbis, who has responsibility for the trade association’s training and development programme said: “More than 1,000 apprentices have already started the pathway, with great success.

“However, the 184 apprentices that have started the International Freight Forwarding Specialist apprenticeship during the last 12 months, represents a reduction of 27%, year-on-year.

“Forwarding businesses have many difficult commercial decisions to make, but shelving apprenticeships should not be one of them.

“We are at an important crossroads, and we must protect the future of the sector, which has an ageing employee dynamic and needs an influx of new blood.”

BIFA is reminding its members that for SMEs, the training costs of the International Freight Forwarding Specialist Apprenticeship can be as little as £450 per apprentice. It includes a BTEC Customs qualification for the apprentice as well, which makes it great value.

BIFA Director General, Steve Parker concludes: “Now, more than ever, we need to promote the industry and give young people employment opportunities. We have had an apprenticeship standard for international freight forwarding for six years and the sector continues to be in the spotlight as a result of the current supply chain disruptions, so what a great time to give someone an opportunity of a career in freight forwarding and logistics.”

DB Schenker CEO DB Schenker has appointed Vishal Sharma (52) as the new CEO for the Region Asia Pacific.

Vishal brings more than 30 years of experience in the logistics sector and has been serving as CEO for DB Schenker’s Cluster Greater China since 2021. He joined DB Schenker in 2018 as the CEO of the Cluster Indian Subcontinent. He will assume his new role on February 1, 2024.

Jochen Thewes, Global CEO of DB Schenker: “Vishal’s experience, combined with his extensive industry knowledge, positions him well to lead our team in the Asia Pacific region. In his previous executive roles at DB Schenker, he has proven his forwarding expertise and his customer dedication. I am confident that his leadership will contribute to the continued success of DB Schenker.”

Before joining DB Schenker, Vishal has held various executive leadership positions in several forwarding companies in the U.S., Singapore, India and Denmark. He holds an MBA from University of Chicago’s Booth School of Business and a Master of Management Studies from Narsee Monjee Institute of Management Studies, Mumbai. Vishal Sharma takes over responsibilities from Dr. Niklas Wilmking who has been appointed DB Schenker’s Board Member for Contract Logistics and Supply Chain Management.

DSV solid results 2023 Operating in an environment with softening demand and normalising freight markets, DSV delivered solid results for 2023.

Gross profit decreased by 13.4%, while EBIT before special items was down by 27.4% compared to 2022. These results were in line with expectations after the extraordinary results of 2022.

The general decline in global trade had an adverse impact on the Air & Sea division, which experienced a 33.1% drop in EBIT compared to 2022. The EBIT for Solutions decreased by 10.7%, and the Road division delivered EBIT figures in line with its 2022 results.

Effective today, Group CEO Jens Bjørn Andersen will step down, and Jens H. Lund will take over as the new Group CEO. In line with the company's long-term succession planning, DSV has made changes to the Executive Board and Group Executive Committee. The new management team will support Jens H. Lund to deliver on DSV's strategic focus areas.

Amid geopolitical uncertainty and ongoing supply chain disruptions, DSV is ready to support its customers and maintains its ambition of outgrowing the general market. DSV has built a strong foundation for organic growth via several acquisitions, and M&A remains an important part of its strategy.

DSV's 2030 near-term carbon emission targets were validated by SBTi in 2023. To deliver on these ambitions and progress towards the company's 2050 net-zero commitments, DSV has developed a decarbonisation roadmap, outlining the four key levers required to move towards its decarbonisation targets.

Selected key figures and ratios for the period 1 January - 31 December 2023.

Group CEO Jens Bjørn Andersen: "DSV delivered solid financial results for 2023, in line with our expectations. In a market characterised by declining demand for transport services across most markets, we demonstrated our ability to adapt to changing market conditions, and our dedicated employees continued to deliver excellent customer service. During 2023, we were happy to announce an exclusive logistics joint venture with NEOM Company and we have continued the work to strengthen our network services and industry expertise. We also made important progress on the sustainability agenda, developing roadmaps for our decarbonisation efforts.

Today, the previously announced changes to our executive management team will take effect, and this is my last day as Group CEO. I would like to take this opportunity to thank customers, suppliers and partners - and not least my fantastic DSV colleagues across the globe - for the support and confidence in DSV and me over the years. Jens Lund and a strong team around him are now ready to take over and continue DSV's journey, and I wish everybody all the best."

EBIT before special items is expected to be in the range of DKK 15,000 - 17,000 million.

The effective tax rate of the Group is expected to be approximately 24%.

The outlook assumes global GDP growth around 3% in 2024, and that the markets for Air & Sea will grow 3-4% in 2024. We target profitable, above market growth, but our strategic growth initiatives may only have a gradual impact in 2024.

For Road we expect a flat or low-growth market, while the market for Solutions (contract logistics) is expected to achieve higher growth rates in 2024.

We continue to monitor activity closely across our organisation and adjust capacity and cost base accordingly.

We assume that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.

The geopolitical and macroeconomic environment remains uncertain, and unforeseen changes may therefore impact our financial results.

CSAFE Global





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