Recently, the Dutch shipbuilding group Damen Shipyards released its 2024 Annual Report.
During the reporting period, Damen Shipyards’ revenue remained above 3 billion euros (US$3.461 billion); net profit increased from 43 million euros (approximately US$49.6048 million) to 58 million euros (approximately US$66.9088 million); the total value of new orders received throughout the year reached a record 5.9 billion euros (approximately US$6.806 billion); and the total order backlog increased to 10.4 billion euros (approximately US$11.997 billion).
Damen Shipyards stated that its financial performance in 2024 was strong, and it expects to continue its financial growth momentum in 2025.
In 2024, Damen Shipyards delivered a total of 146 new-build vessels, including the Volta 1, Europe’s first all-electric tugboat, which is now in operation at the Port of Antwerp-Bruges in Belgium, and the Bu Tinah, the UAE’s first all-electric tugboat, which is deployed by SAFEEN Marine Services.
The report shows that Damen Shipyards completed nearly 1,200 orders in 2024, roughly the same as in 2023. In terms of new shipbuilding, tugboats still accounted for the largest share, with over 60 delivered last year; followed by cutter suction dredgers (CSDs) with 15; high-speed crew carriers, offshore cargo vessels and multi-purpose workboats followed closely with 13, 11, and 8 vessels respectively.
Significant projects completed by Damen Shipyards in 2024 include: the PNS Yamama, the second offshore patrol vessel of the OPV 2600 class built for the Pakistan Navy, and the Jacklyn, a floating landing platform constructed for Blue Origin’s New Glenn rocket project.
In the naval sector, Damen Shipyards primarily focused on orders from Western Europe; in the non-defense sector, it secured six ferries and six commissioning support operation vessels (CSOVs) during the reporting period.
In its annual report, Damen Shipyards stated that it is preparing to defend itself against allegations of fraud in several projects between 2006 and 2016, which have been disclosed in several recent lawsuits. Another case involves allegations of violating sanctions regulations. Damen Shipyards is awaiting the outcome of these lawsuits.