APM Terminals, a subsidiary of A.P. Moeller Maersk group, delivered a profit of 190mill. $, after 215mill. $ in first quarter 2014[ds_preview]. The result was negatively impacted by significant decreases in key oil dependant markets, APMT said. Revenue increased by 4%, as a result of an increase in pass-through construction revenue. Excluding this, the revenue decreased by 3% compared to last year, primarily due to the weakening of local currencies against the US-Dollar resulting in lower revenue in $-terms, as well as the low oil price negatively impacting revenues of some key terminals in oil dependant markets.
The number of containers handled by APM Terminals (weighted with APM Terminals’ ownership interest) decreased by 2.6% compared to 2014, reaching 9.1mill.TEU. According tot he company, this decrease was mainly due to the divestment of APM Terminals Virginia, Portsmouth, USA and Terminal Porte Océane S.A. Le Havre, France during Q3 2014, which negatively impacted volumes by 3.4%. This was further impacted by lower volumes in key oil dependent markets due to the impact of low oil prices on local economic conditions. Partially offsetting this was the volume ramp up in Maasvlakte 2, Rotterdam, The Netherlands, and Brasil Terminal Portuario SA, Santos, Brazil. Like-for-like volumes increased by 0.4% in Q1 2015 compared to same period last year vs. an overall market growth of approximately 4% as estimated by Drewry. APM Terminals grew less than the market in large part due to the lower volumes in key oil dependent markets.M
