From the People's Weekly World 6/15/02

"Waterfront employers say they are seeking greater productivity gains from the introduction of electronic technology, but figures indicate surging growth in productivity. This was reflected in reports appearing in the industry publication American Shipper. American President Lines reported that it cut costs by 6 percent and increased productivity by 17 percent while profits for its owner, Neptune Orient Lines, were $79 million in 2001.

Ap Moeller, owner of Sealand-Maersk, reported $684 million profit for 2001- an increase of 3.4 percent over the previous year. Hapag-Lloyd Container Line increased its profit $164 million- an increase of 17 percent over 2000. It reported container volume was up 8 percent to 1.7 million TEU’s, with no increase in staff. The parent Hapag-Lloyd group, which includes cruise ships, freighters and logistics, had an operating profit that increased by 20 percent to $265 million for 2001.

The shipping and stevedoring companies of the PMA are profiting handsomely from the growth in productivity, but like capitalists generally, they seek to maximize their profits at the expense of the work force.