APM Terminals profit up 60pc as Yantian sales offset global loss

MAERSK`s terminal operator, APM Terminals, year-on-year profit increased 60 per cent to US$793 million against $494 million earnings posted in 2009, drawn on revenues of $4.3 billion with no growth from one year to the next.

The profit gain was attributed to the sale for $423 million of its stake in China`s Yantian terminal, opposite Dalian on the other side of the mouth of the Bohai Sea, also known as the Gulf of Chilhi.


APM Terminals increased throughput two per cent to 31.5 million TEU from 30.9 million TEU the year before, falling behind market growth by 13 per cent. Volume was up seven per cent, figures that included discontinued operations at Oakland, Savannah, Yantian, Kaohsiung, Voltri and Dunkirk.


Maersk Group units contributed to 44 per cent of the container volume, up from 41 per cent the year before.


Construction of a terminal in Cai Mep, Vietnam, is near complete, and operations are to commence in early next year, said the company.