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Maersk Line back in black, but APMT and Damco lag and drag
来源：shippingazette.com 编辑：编辑部 发布：2017/11/09 09:51:39
DENMARK's Maersk Line posted a third quarter net profit of US$220 million, reversing last year's quarterly loss of $122 million. This year's result was drawn on revenues of $6.1 billion, which increased 14 per cent.
The upturn was reflected in the 14 per cent year-on-year increase in its average freight rate to $2,063 per FEU, noted London's Loadstar.
But Maersk's port operator, APM Terminals (APMT) suffered a $374 million write off due to an impairment on several terminal revaluations, partially eclipsing an otherwise positive result of $110 million, while volumes increased 6.5 per cent year on year to 10.2 million TEU.
APMT lost two contracts during the quarter as a consequence of the alliance restructuring, while succeeding in signing six new commercial agreements which it estimates will add some 103,000 moves annually.
Damco, Maersk's 3PL, also took a hit from the cyber attack, and was "negatively impacted by a decline in forwarding margins on ocean volumes" which led to a loss of $6 million in the quarter.
Yet Damco's quarterly revenue increased 8.3 per cent year on year to $688 million, expanding its supply chain management volumes five per cent, while its air cargo segment remained flat and ocean traffic declined three per cent.
Star performers were Asia-Europe and transpacific east-west routes, where average rates jumped nearly 20 per cent to $2,186 per FEU.
Maersk CEO Soren Skou said he "cannot be satisfied with the result" and was "not happy with the development in unit costs", while conceding the carrier was "clearly making progress to more sustainable earnings" on the back of higher freight rates.
The upturn was reflected in the 14 per cent year-on-year increase in its average freight rate to $2,063 per FEU, noted London's Loadstar.
But Maersk's port operator, APM Terminals (APMT) suffered a $374 million write off due to an impairment on several terminal revaluations, partially eclipsing an otherwise positive result of $110 million, while volumes increased 6.5 per cent year on year to 10.2 million TEU.
APMT lost two contracts during the quarter as a consequence of the alliance restructuring, while succeeding in signing six new commercial agreements which it estimates will add some 103,000 moves annually.
Damco, Maersk's 3PL, also took a hit from the cyber attack, and was "negatively impacted by a decline in forwarding margins on ocean volumes" which led to a loss of $6 million in the quarter.
Yet Damco's quarterly revenue increased 8.3 per cent year on year to $688 million, expanding its supply chain management volumes five per cent, while its air cargo segment remained flat and ocean traffic declined three per cent.
Star performers were Asia-Europe and transpacific east-west routes, where average rates jumped nearly 20 per cent to $2,186 per FEU.
Maersk CEO Soren Skou said he "cannot be satisfied with the result" and was "not happy with the development in unit costs", while conceding the carrier was "clearly making progress to more sustainable earnings" on the back of higher freight rates.