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Netherlands: World’s largest shipping company splitting up

By  |  September 22, 2016

After facing the twin pressures of  a worsening slowdown in global trade and slumping oil prices, Dutch conglomerate AP Moller-Maersk will separate its oil exploration and production, drilling rig, and oil tanker businesses into a new energy unit to be spun off, sold or merged with other companies.

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    Maersk will now focus its business on transport and logistics, putting Maersk Line, which controls 15 per cent of global container shipping, back at the heart of the 104-year-old company.

    Maersk’s new chief executive, Soren Skou, said the short-term pressures of falling freight and oil prices were not behind the break-up but that it was rather a decade-long stagnation in revenues that sparked the rethink. “We are at a place where we need to rejuvenate growth in the company. That is the main driver of the strategy change,” he added.

    Full Content: The Financial Times

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