Damen reports strong financial performance in 2024

Financially, 2024 was a positive year for Damen Shipyards (Damen), the Netherlands’ largest shipbuilding group.

Revenue remained just above 3 billion euros. Net profit rose from 43 million euros to 58 million euros. The order book was filled with a record 5.9 billion euros in new orders, rising to 10.4 billion euros. Damen expects 2025 to be another financially positive year.

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.

“We are pleased with the amount of work we accomplished last year and the resulting financial performance,” said 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.”

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.”

According to Arnout Damen, the future looks bright. “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,” he concluded.