Maersk Shipping Investment Plans on Hold
A.P. Moller-Maersk will not invest significantly in its shipping business over the next five years and will focus on its oil, drilling rigs & ports.
Maersk intends to move away from the shipping side of things and go towards sectors which generate higher profits and are more stable, reports Reuters, as informed by a recent Financial Times article.
Maersk Line, the company's container shipping unit, has struggled with profitability due to the global economic slowdown and an oversupply of vessels that could intensify next year. The subsidiary is a barometer of world trade as its fleet carries more than 15 percent of all sea-borne containers.
Source Reuters/Financial Times