APM Terminals posts record revenue as Rijeka adds to growth

APM Terminals recorded a 5% increase in revenue in the third quarter, reaching a quarterly record as higher revenue per container move and the ramp-up of its new terminal in Rijeka, Croatia, supported growth despite sharply lower volumes at its Bahrain operation.

The growth came despite the impact of the conflict in the Middle East, which had “severely reduced” volumes at the company’s terminal in Bahrain. The rest of the portfolio performed well, although high utilisation left limited room for further volume growth, A.P. Moller-Maersk CEO Vincent Clerc said during a Q3 investor call held earlier today.

“Our priorities remain to grow through existing and new locations while maintaining long-term profitability. The segment continues to perform very well with record revenue in the quarter,” Clerc said.

Maersk’s terminal business posted a Q3 revenue increase of 4.9% to US$1.5 billion (US$1.4 billion), driven by higher rates, storage revenue and a favourable mix. EBITDA increased by 10% to US$ 551m (US$ 501m), driven by improved rates and higher storage revenue, leading to an increase in the EBITDA margin to 36.3% (34.6%). Container volumes grew by 2.6% reaching 3.8m moves, supported by growth in Africa and Europe, while utilisation declined to 85% from 90% a year earlier. EBIT decreased by 14% to US$ 493m (US$ 571m).

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