Danish AP Moller-Maersk Group has been forced to reconsider its investment priorities as the shipping sector struggles with its worst slump ever, the Financial Times reported.
Maersk, which operates the world’s biggest fleet of container ships, is bracing for its first annual loss in a corporate history spanning 105 years. This has been brought about by losses at both the container shipping division and the tanker business.
The group’s new investment strategy was revealed by chief executive Nils Andersen. The non-core businesses that will receive preferential treatment are oil and gas, container terminals and, quite surprisingly, retailing.
The latter has often been regarded as a likely disposal target. Maersk’s interests in retailing include 67.7 percent in a supermarket operator and a 37.7 percent holding in a couple of department stores.
In addition to prioritising the three businesses when it comes to investment, Maersk will also seek to offload distressed assets.
Maersk, which operates the world’s biggest fleet of container ships, is bracing for its first annual loss in a corporate history spanning 105 years. This has been brought about by losses at both the container shipping division and the tanker business.
The group’s new investment strategy was revealed by chief executive Nils Andersen. The non-core businesses that will receive preferential treatment are oil and gas, container terminals and, quite surprisingly, retailing.
The latter has often been regarded as a likely disposal target. Maersk’s interests in retailing include 67.7 percent in a supermarket operator and a 37.7 percent holding in a couple of department stores.
In addition to prioritising the three businesses when it comes to investment, Maersk will also seek to offload distressed assets.