A.P. Moller-Maersk, a Danish business conglomerate active in oil and shipping sectors, has revealed its plan to move away from investing in shipping and turn to its oil, drilling rigs and ports businesses, the Financial Times reported.
Since A.P. Moller-Maersk has enough capacity to follow the market, the company has decided to decrease amount of investment in its shipping subsidiary, Maersk Line, over the next five years.
Maersk Chief Executive Nils Andersen told the newspaper that the company will go towards the higher profit generators and more stable businesses.
The reason for this could be global economic slowdown and an oversupply of vessels, which hasn’t circumvented A.P. Moller-Maersk, even though Maersk Line’s fleet incorporates 15% of all sea-borne containers, Reuters writes.
According to Andersen, with this plan, the company will arrange capital in such a manner that it will have four businesses of almost equal size.
[mappress]
World Maritime News Staff, November 19, 2012; Image: Maersk