ShippingWatch

Maersk: We are hit by the crisis in Russia

"The worsening macroeconomic situation in Russia has had a significant negative impact on the container market," Tiemen Meester, chairman of Russian Global Ports and vice president of APM Terminals, tells ShippingWatch.

The dramatic weakening of the Russian economy following the western sanctions against the country after Russia's annexation of Crimea, and subsequent developments in Ukraine, has taken a big toll on the container industry - and thus also Maersk's operations in the country through Maersk Line as well as APM Terminals.

"In Russia, the worsened macroeconomic environment along with the weaker ruble has led to a drop in consumer confidence, consumer spending as well as imports.  This has had a significant negative impact on the container market, in which APM Terminals' Russian joint venture, Global Ports, operates" says Tiemen Meester, chairman of Global Ports and vice president at APM Terminals, tells ShippingWatch in a written comment.

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