Fortunes improve for APM Terminals

AP Moller has hailed the 2009 performance of its terminals subsidiary as "substantially better" than 2008 following a "focus on cost-cutting measures and geographical reorientation of activities [which] more than offset the decline in activity".

APM Terminals' worldwide throughput volumes declined by 7% to 31m teu, compared to a 12% decline in the global container terminal market as a whole.

Despite falling volumes and challenging market conditions, it saw increased profits in 2009. Ebitda reached US$738m, up from $573m in 2008, while Ebit totalled 468m, up from 314m the previous year. Ebitda margin was 24.4%, compared to 18.4% in 2008, mainly due to cost saving and reorganisation. In US dollar terms there was a 3% decline in revenue. The terminal operator said it had secured a broader client base through increased volume from customers other than sisters Maersk Line and Safmarine to 41% of the total volume, compared to 38% in 2008.

Meanwhile, AP Moller-Maersk's container shipping division made an operating loss of $1.8bn last year, compared to $969m profit in 2008. 

Falling freight rates and volumes led container revenue to fall from $28.6bn in 2008 to $20.6bn in 2009 and the firm warned it did not expect an "acceptable return" this year.