APM Terminals profits sink
APM Terminals’ profits fell 30.4% in the second quarter compared with last year, as volumes weakened in key oil-dependent markets and operations in South America, northern Europe and Egypt failed to regain business from services lost earlier in the year.
According to MANA,Chief executive of parent company AP Moller Maersk and Maersk Line Søren Skou said that the move would have an impact APMT’s business, but the group’s intention is to drive more Maersk Line volume through its facilities to help mitigate the effect of lower terminal fees that the line will be pressing for.
In the case of APMT, the group said that it would respond to the fall in profits by accelerating its ongoing cost-saving initiatives in all controlled entities and headquarters.
Volumes up
Despite the fall in profits, there was an increase in container throughput levels, weighted with the company’s ownership interest, rising 2.6% from 9.2m teu to 9.4m teu.
In the case of APMT, the group said that it would respond to the fall in profits by accelerating its ongoing cost-saving initiatives in all controlled entities and headquarters.
Volumes up
Despite the fall in profits, there was an increase in container throughput levels, weighted with the company’s ownership interest, rising 2.6% from 9.2m teu to 9.4m teu.