Net revenues declined by more than a third last year for the only cargo container company operating in Maine.
That's according to financial reports released this week by Icelandic shipping company Eimskip, which attributes the loss to changing trans-Atlantic shipping rates. Eimskip is the largest operator in Portland's International Marine Terminal.
Matt Burns, the executive director for the Maine Port Authority, says while Eimskip is an important part of the landscape, the state's ports are diversified and resilient.
"We've got a great outlook on the future for our ports. We're trying to bring business to our ports — not just where the land meets the water, but intermodal inland ports too. So we are very excited about the future of Maine's ports," he says. "The success of their businesses is very important to us. But, it's kind of a cyclical thing. Things will improve eventually."
Eimskip's "Green Line" connects Portland and northeastern Canada to Reykjavik and other European shipping lines. The company's U.S. headquarters are based in Portland.
