APM Terminals’ (APMT) low operating margin compared to its competitors is not due to lower port tariffs for Maersk Line, the terminal operator has told Alphaliner.
Alphaliner’s survey of port operator EBITDA margins shows APMT with the lowest global average margin at 20.6%, lagging behind competitors including ICTSI with 44.3%, DP World with 46% and HPH Trust with 54.4%.
The container terminal arm of Maersk Group attributed its lower margins to its geographic spread and lack of a flagship terminal. Of AMPT’s 66 terminals, 24 are located in the lower margin US and Europe regions. Eurogate and HHLA, both operators with Europe-heavy portfolios, do fall within the lowest four of the 17 operators surveyed, but still outperform APMT’s global average with 23.9% and 31.7% margins, respectively.