In gateway terminals, revenue increased to USD 969m (USD
723m), with a continued increase in demand for goods result-
ing in higher volumes for terminals, but also increase in rev-
enue from congestion. Especially, the continued supply chain
congestion in the USA and spot calls in Latin America contrib-
uted significantly to the increase in EBITDA to USD 370m (USD
186m) and the increase in EBIT to USD 302m (USD 144m).
In Towage, revenue increased to USD 184m (USD 160m), while
EBITDA increased to USD 53m (USD 51m). EBIT decreased to
USD 32m (USD 56m), driven by the significant gain in Q2 2020
resulting from the acquisition of Port Towage Amsterdam.
Terminals
Financial and operational performance
Revenue increased to USD 969m (USD 723m), driven by
higher volumes and increased storage income due to the
persisting congestions and transportation bottlenecks.
Further, the consolidation of Pipavav, India, contributed
by USD 15m. The increase in volume and higher storage
income in combination with higher cost related to provi-
sions in Q2 2020 significantly impacted EBITDA with an
increase to USD 370m (USD 186m) and with an EBITDA
margin of 38.1% (25.7%).
EBIT increased to USD 302m (USD 144m), driven by the
higher EBITDA and higher results from joint ventures and
associated companies, partially offset by higher depreci-
ation mainly due to modernisation of yard equipment in
Los Angeles, USA, and terminal expansion in Yokohama,
Japan. CAPEX decreased to USD 40m (USD 75m).
In North America, revenue increased due to volumes being
up 29% and higher storage income driven by supply chain
congestion. This was partially offset by higher labour cost,
given the high volumes and yard congestions, leading to an
increase in the EBITDA margin to 30% (23%).
In Latin America, higher revenue per move across the region,
supported by higher storage income in Buenaventura,
Colombia and overall volume growth of 20%, resulted in
an increase in the EBITDA-margin to 51% (40%).
In Asia, volumes grew 60% and the EBITDA margin
increased by 19 percentage points to 34% (15%), mainly
driven by ramp-up of two new berths in Yokohama, higher
volume in Mumbai, India, and consolidation of Pipavav.
Volume grew 49% like-for-like (excluding Pipavav) in Asia.
In Europe, revenue increased as a result of an increase in
volume of 19% and higher storage income, partially offset
by higher cost per move, leading to an increase in EBITDA
margin to 30% (28%).
In Africa and Middle East volume decreased by 2.7% driven
by loss of services in Cotonou, Benin, and lower volume in
Bahrain as cross border cargo moved back to trucks, fol-
lowing easing of COVID-19 restrictions. The EBITDA mar-
gin increased to 47% (20%), driven by a compensation in Q2
2021 and Q2 2020 being negatively impacted by provisions,
partly offset by lower volumes and negative impacts from
foreign exchange rates.
For gateway terminals, volumes increased by 24% (increased
by 22% like-for-like, adjusted for Pipavav) and utilisation was
high at 76% (64%) with volume growth mainly in Asia and
North America. Volume from the Ocean segment increased by
17% and volume from external customers increased by 28%.
The like-for-like volume increase was 6.8% versus Q2 2019.
A congestion-driven revenue increase in North America and
higher storage income in Buenaventura were the main driv-
ers behind an increase in global revenue per move of 8.3%
to USD 301 (USD 278). Upward shift in volume and lower net
provision resulted in lower cost per move of 7.0% to USD
234 (USD 251).
Adjusted for foreign exchange rates, volume mix effects
and portfolio changes, revenue per move increased by 11%,
and cost per move decreased by 2.0%.
Results from joint ventures and
associated companies
The share of profit in joint ventures and associated com-
panies increased to USD 79m (USD 31m) driven by foreign
exchange rate losses in Q2 2020, supported by positive
impact of higher results in Santos, Brazil, and Tema, Ghana.
Key initiatives in Q2
Terminals was awarded a 50-year concession to build,
maintain and operate a container terminal in Rijeka, Croatia,
in a 51%/49% partnership with ENNA Logic, pending regula-
tory approval.
The construction work in Abidjan, Ivory Coast, is progress-
ing and the business setup is being put in place to open
Regional EBITDA margin, Terminals
Percentage Q Q
North America
Latin America
Europe Russia and the Baltics
Asia
Africa and Middle East
Total
Regional volume, Terminals
Million moves Q Q Growth (%)
North America
Latin America
Europe Russia and the Baltics
Asia
Africa and Middle East -
Total
1 Financially consolidated.
17
Terminals & Towage Directors’ ReportA.P. Moller - Maersk Interim Report Q2 | 6 August 2021