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Cargotec as an investment

Why invest in Cargotec

On 27 April 2023, Cargotec's Bopard of Directors decided to investigate and initiate a process to potentially separate its core businesses Kalmar and Hiab into two standalone companies. On 30 May 2024, Cargotec's Annual General Meeting resolved on the partial demerger of Cargotec Corporation in accordance with the demerger plan. On 30 June 2024, the completion of the partial demerger of Cargotec Corporation was registered with the Finnish Trade Register. Read more

Operating environment

Business environment (an extract from Cargotec's interim report January–March 2024, 30 April 2024)

The business environment in which Cargotec's businesses Hiab and MacGregor operate is complex, stemming from high interest rates and inflation, growing geopolitical tensions, and sluggish growth estimates. However, many of our customers and partners are performing well.

According to the International Monetary Fund's (IMF) world economic outlook published in April 2024, the global economy is projected to grow by 3.2 percent in 2024 and by 3.2 percent in 2025. In the IMF’s advanced economies group (a group of countries which includes several key markets for Hiab and Kalmar, such as the United States, the United Kingdom and Germany), the IMF estimates a 1.7 percent growth in 2024 and a 1.8 percent growth in 2025. The report notes that the pace of global growth is low by historical standards, owing to both near-term factors, such as still high borrowing costs and withdrawal of fiscal support, and longer-term effects from the COVID-19 pandemic and Russia’s invasion of Ukraine; weak growth in productivity; and increasing geo-economic fragmentation.1

The demand for MacGregor’s solutions is impacted by the level of merchant ship and offshore newbuilding contracting at shipyards. By the end of the first quarter, the new ship orders amounted to 353 (Q1/2023: 241). In 2024, the number of new vessel orders is projected to be 1,879 (2023: 1,943).2 In the merchant segment, the newbuilding demand is turning towards tankers and gas carriers while the container ship and car carrier ordering is slowing down. In offshore, the wind energy is still driving the demand. Environmental regulations and ageing fleets increase demand for services and upgrades.

1) International Monetary Fund: World Economic Outlook, April 2024
2) Clarkson Research, April 2024

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