APM Terminals is bringing its expansion plans to a halt as it looks to enhance its existing facilities over the globe.
Chief executive Morten Engelstoft told Danish newspaper Berlingske it “now makes sense to use the capacity we already have in a good way”.
Engelstoft took over at APM Terminals after leaving his position at Maersk Tankers during the company’s restructuring in September.
He added: “We must face the fact that right now we do not generate as much money as before.
“It also sets a limit on how much Maersk Group has to invest.”
APM Terminals has a presence in 69 countries through its network of 73 ports, with nine new ports under construction and 10 facilities in expansion mode.
Its 2016 revenue stood at $4.17bn with a throughput of 37.3m teu.
APM Terminals will be a part of Maersk’s Transport & Logistics division, consisting of Maersk Line, Damco, Svitzer and Maersk Container Industry.
