After pressured margins and hard-earned experience, the way is paved for Maersk's port operator to take the next step into a more automated and digitized future, says APM Terminals CEO Morten Engelstoft.
A US port operator wants full compensation from Maersk, which has terminated a collaboration deal with the partner prematurely. The company will pursue all legal options, it says in a response to ShippingWatch.
Maersk has canceled an exclusive arrangement with a competitor to APM Terminals in the US and will now move the routes to its own terminal. The competitor fears having to close due to the sudden cancellation.
Originally, China's Cosco was not meant to have a big owner's share of APM Terminals' new, large container terminal in Italy. But without the deal, it was not certain that the company would have become a customer, says the latter's CEO Morten Engelstoft, who expects more similar deals.
APM Terminals can be streamlined further, says CEO Morten Engelstoft, who has been driving up earnings in the port company for years. New investments are also set to be made in far closer collaboration with Maersk than before.
APM Terminals has found its new operational head after Thursday's announcement that the current one will take the helm at the company's Gothenburg and Aarhus divisions, which are being merged into APM Terminals Nordics.
APM Terminals allegedly considers selling the oldest of its two terminals in Rotterdam, sources inform analyst firm Alphaliner. Maersk declines to comment on the rumors but says that it is keeping its options open.
Swedish port workers organized in the Swedish Dockworkers' Union have taken APM Terminals to labor court. This is due to the protracted conflict between the two parties, which ended with a deal in the spring.
It is not just among the world's largest liner companies that the Chinese are putting pressure on competitors such as Maersk. China Cosco Shipping's port activities are now close to being the world's second-largest.
APM Terminals is one step closer to obtaining a crucial permit for Pier 400 in Los Angeles after the Maersk group's terminal company has reached a tentative agreement with local port workers, who fear losing their jobs to automation.
Maersk has spent hundreds of millions on making its port division more efficient using robot technology. Now it turns out that a grand prestigious project worth USD 600 million has had the opposite effect.
Maersk Ocean delivers an improved operating profit of USD 925 million in the third quarter, while the segment's revenue grew 32 percent. But the towering bunker prices still strain the business, says CEO Søren Skou.