Damen Shipyards reports strong 2024 results

Damen Shipyards Group, the Netherlands’ largest shipbuilding company, reported a positive year in 2024. Revenue stayed just above €3 billion, while net profit rose from €43 million to €58 million. The order book reached a record €10.4 billion, up from €5.9 billion in new orders. Damen expects 2025 to be another financially strong year.

The company delivered 146 vessels in 2024, including Europe’s first fully electric tug, Volta 1, for the Port of Antwerp-Bruges, and the UAE’s first fully electric tug, Bu Tinah, for SAFEEN Marine Services.

“We are pleased with last year’s work and financial results,” said CEO Arnout Damen. “Together with our suppliers, smaller innovators, and knowledge institutions, we drive technological innovation, create high-standard jobs, and strengthen the Dutch maritime industry.”

Robust Business Model
Damen continues to navigate fierce global competition and rising costs of materials and personnel. Operating across multiple markets gives Damen a resilient business model. The company remains committed to sustainable solutions in ports, offshore wind energy, and passenger transport.

World Leader in Tug Market
Tugs were the largest newbuild category in 2024, with over 60 delivered. Damen also delivered 15 Cutter Suction Dredgers, 13 fast crew suppliers, 11 cargo vessels, and eight Multi Cat workboats. Notable projects included the Pakistani navy’s Offshore Patrol Vessel PNS Yamama and a floating landing platform for Blue Origin’s New Glenn rockets.

Naval Construction
Damen secured naval orders from Lithuania, Colombia, and other countries. Discussions continue on the German F-126 frigate project, including potential transfer of primary responsibility to German parties. The Dutch government’s proposed bridging loan of €270 million was ultimately not required, though appreciated. Damen will now focus on fleet renewal plans for the Royal Netherlands and Belgian navies.

Electric and Hydrogen Innovation
Damen received orders for six fully electric-ready ferries in Canada and hydrogen-ready Commissioning Service Operation Vessels for offshore wind farms. These vessels will significantly reduce CO₂ emissions.

Compliance and Legal Matters
Damen is preparing for legal proceedings regarding past projects and alleged sanctions violations. The company maintains that these cases will not impact its current financial position or outlook. Damen has invested heavily in a robust compliance framework for global operations.

Outlook
Looking ahead, Damen expects 2025 results to match or exceed 2024. The company aims to strengthen its position in Europe and globally, focusing on innovation and sustainability. CEO Arnout Damen thanked employees, clients, and subcontractors for their dedication.