Damen Shipyards Group reports profit and full order book in 2024 annual report

In 2024, Damen delivered no fewer than 146 new vessels to clients. This included the Volta 1 and the Bu Tinah. The former is Europe's first fully electric tug, which has been put into service by the Port of Antwerp-Bruges in Belgium. The Bu Tinah is the first fully electric tug delivered in the United Arab Emirates and deployed by SAFEEN Marine Services.

“We are pleased with the amount of work we accomplished last year and the resulting financial performance,” says CEO Arnout Damen. “As a shipbuilder, we are doing well, as is our entire ecosystem of suppliers, innovative smaller companies, and knowledge institutions. Together with them, we are creating technological innovation and high-standard employment opportunities. In this way, we are strengthening the Dutch maritime manufacturing industry, a key pillar of our economy.”

“We see Damen’s profits continue to rise. However, this won’t happen on its own. There is fierce competition internationally, and the rising costs of materials and personnel make profitability a priority. Because we operate in various markets, and do so around the world, we have a robust business model. We are less vulnerable to sector-specific economic cycles and local instability. Plus, together with the entire Dutch maritime ecosystem, we remain fully committed to sustainable solutions in areas such as ports, offshore (wind) energy, and passenger transport.”

At its ship repair yards, the number of completed orders in 2024, at nearly 1,200, was virtually the same as in 2023. In terms of newbuilds, tugs remain the largest category, with more than 60 delivered to clients last year, followed by Cutter Suction Dredgers (CSD), with 15 deliveries. The top five newly delivered vessels also include fast crew suppliers (13 deliveries), cargo vessels for short sea shipping (eleven Combi Freighters), and eight Multi Cat workboats, the so-called maritime "Swiss Army knives."

Notable projects completed last year include a second patrol ship (Offshore Patrol Vessel (OPV) 2600) for the Pakistani navy (PNS Yamama) and a floating landing platform for the New Glenn rockets of space company Blue Origin (Jacklyn).

In the naval sphere, the navies of Lithuania and Colombia, among others, trusted Damen with orders last year. However, the focus was primarily on orders in Western Europe. The finalisation of the 2024 annual figures took longer due to ongoing discussions surrounding the construction of the German F-126 frigates. Damen is still in constructive discussions with the German client regarding the progress of this project. Together, we are exploring whether primary responsibility for the project can be shifted to German parties, with Damen remaining an essential partner. These discussions are expected to continue for several more months. During the course of these discussions, it became clear that the Dutch Government's commitment to support the F-126 project with a temporary bridging loan of 270 million euros did not need to be pursued further. Although no longer required, the company highly appreciates the Dutch Government's willingness to provide this temporary financial support to the project. Damen, in close collaboration with the Ministry of Defence of the Netherlands, now wants to focus even more on the ambitious fleet renewal plans of the Royal Netherlands Navy and the Belgian Navy for the strengthening and readiness of their navies.

In the non-defense sectors, a notable feature was orders for fully electric-ready ferries in Canada, four for BC Ferries, and two for the City of Toronto. Damen also received an order from Windcat for a sixth Commissioning Service Operation Vessel (CSOV). These vessels will transport personnel to and from offshore wind farms, serving as floating accommodation and workshops. They will be equipped with dual-fuel hydrogen technology, significantly reducing CO2 emissions.

Damen is preparing for a lawsuit for allegations of fraud related to several projects between 2006 and 2016, ten to 20 years ago. A second case concerns allegations of violations of sanctions legislation. Damen is confidently awaiting the outcome of these proceedings. Damen has invested substantially in its compliance program and has established a robust and certified framework to support its global operations. No details can be provided about the content of ongoing legal proceedings, other than to say that they have no impact on our current financial position and  are not expected to affect our financial outlook in the long term.

The future looks bright. Arnout Damen says, “We expect results for 2025 will at least equal those of 2024. Our order book will continue to be strong in 2026 and beyond. Damen is a sustainable and innovative shipbuilder and maritime solutions provider, and in the coming years, we can strengthen our position in Europe and beyond. Together with all our colleagues in the Netherlands and abroad, we aim to be the most innovative and sustainable shipbuilder in Europe. I sincerely thank our employees and clients & subcontractors for their tireless, daily commitment.”

                                    2024                             2023                             2022

Turnover                     3.02 billion              3.09 billion                   2.49 billion

EBITDA                       169 million               157 million                    85 million

Net profit                    58.2 million             43.2 million                  14.6 million

Order portfolio           10.4 billion               7.6 billion                      6.3 billion