Damco sees $9m loss as airfreight dives

Damco, the troubled logistics arm of Danish shipping giant AP Moller-Maersk (APMM), made a $9m loss in the first quarter of 2015 as its airfreight volumes fell 19%.
The division’s total supply chain revenue fell nine percent, year on year, to $683m for the January to March 2015 period, of which eight percent was due to exchange rate movements.
Netherlands-based Damco saw controlled ocean freight volumes decline by two percent, as airfreight throughputs dived, with the latter due mainly to "project shipments in prior year which were not repeated in 2015," said APMM.
It added: "Restoring growth in the ocean and airfreight segments is a key focus area to improve overall Damco profitability."
The $9m first quarter loss was actually an improvement on like period 2014, when Damco made a loss of $10m.

Share this story

Related Topics

Latest europe news

WFS to automate truck processing at Heathrow

By Damian Brett

Cargo handler Worldwide Flight Services (WFS) will next month add a ‘CargoKiosk’ at Heathrow to automate the processing of trucks….

Read More

Share this story

Brussels airfreight volumes up 23% in September

Total trucked and flown cargo volumes at Brussels Airport soared 23% in September over the same month last year to…

Read More

Share this story

WFS switches to Champ for EMEAA cargo management system

By Damian Brett

Worldwide Flight Services (WFS) has signed a long-term agreement to move its core cargo management system in certain locations to…

Read More

Share this story