CARGOTEC chief executive Mika Vehviläinen has praised the company’s strategic direction in a difficult year.

“Even in an exceptional operating environment, Cargotec’s strategic direction has proved to be the right one and yet again we managed to make a reasonable result despite the pandemic situation,” Mr Vehviläinen said.

“Visibility was still weak at the beginning of the third quarter but the recovery in the market environment that started after April eventually continued throughout the third quarter.”

The CEO said their delivery capability returned to normal during the quarter, and the same went for their supply chain.

“On the other hand, the data collected from our connected equipment tells us that the activity levels of our customers have been rising closer to last year’s levels,” he said.

“In addition, for example Drewry’s statistics on the number of containers handled in ports show that the reduction has so far proved to be less dramatic than what the forecasts predicted.

Cargotec’s Board of Directors decided in August on the second instalment of a dividend to be paid.

Demand for Kalmar’s mobile equipment and Hiab’s solutions (subsidiary businesses) was said to have recovered from the decline caused by the pandemic.

On 1 October, Cargotec announced the plan to combine Cargotec and Konecranes via a merger.

The full report can be viewed here.