Great demand and high prices – the Danish shipping company Maersk has recently made strong gains. A good starting point for withdrawing from the oil business, which has been decided for a long time.
In the course of its complete withdrawal from the oil business, the Danish shipping company Maersk has divested itself of its Supply Service division. The Supply Service delivers goods to ships and oil platforms. For the equivalent of almost 640 million euros, Maersk sold the division to the holding company AP Møller Holding, which holds almost 42 percent of the shares in AP Møller Maersk.
The sale “marks the completion of our decision to divest all energy-related activities and to focus on truly integrated logistics,” said Maersk CFO Patrick Jany, according to a company statement on Monday. Maersk had already decided to exit the oil business in 2016. In the years that followed, the group divested itself of its Maersk Tankers, Oil & Gas and Drilling divisions.
According to its own statements, the shipping company had achieved the best financial result in the company’s history in 2022. This was due to high freight prices for sea transport and strong demand. The bottom line is that the group made a profit of 29.3 billion dollars (27.3 billion euros). Sales had increased by almost a third to $81.5 billion. For the current financial year, Maersk had announced that it would continue to strive for growth in the logistics and terminals business areas.
Source: Stern
