Uncertainty After Multi-Million Losses at Rotterdam World Gateway

The Rotterdam World Gateway (RWG) ended its first operational year with a €35 million loss, despite expectations of a strong performance. With revenues of only €3.2 million in the first year and an increase in invested capital from €558 million to €625 million, the new terminal on Maasvlakte 2 has significantly underperformed.

Capital Injections and Loans

Like other newly automated terminals on Maasvlakte 2—including APMT2, Delta Sealand, and Euromax—RWG faced serious startup challenges. In response, its shareholders—DP World (Dubai), and shipping lines Mitsui, CMA CGM, APL, and Hyundai—provided significant capital injections in 2015. Additionally, millions in new loans were issued throughout 2015 and 2016 to keep operations afloat.

Concession Fee Uncertainty

In 2015, RWG paid a €48 million concession fee to the Port of Rotterdam. However, it remains unclear:

• What portion of that amount may be refunded

• Whether RWG has fully met the contractual requirements tied to the concession

• If failure to meet certain terms could result in forfeiture of refund claims, or worse, revocation of the concession

Although the operational requirements were reportedly met in 2014 and 2015, legal and financial clarity is still lacking.

Rising Volume, But High Fixed Costs

Container volumes at RWG and neighboring APMT2 are rising sharply, with expectations of a fivefold increase in 2016compared to 2015. However, it's still highly uncertain whether these increases will be enough to cover the terminal’s high fixed and capital costs.