Maersk finds possible buyers for stake in Global Ports Investment

A.P. Moller – Maersk (Maersk) is reportedly in talks with potential buyers for its stake in terminal operator Global Ports Investment.

The news comes as the Danish giant withdraws from Russia following a final cargo shipment this week, according to a recent report from Reuters.

Global Ports operates six container terminals in Russia and two in Finland. Russian state nuclear company Rosatom is also one of the major shareholders of the group.

The company initially announced its intention to divest its 30.75 per cent stake in Global Ports on 10 March, after the start of the Ukraine war.

Maersk has also recently stopped all vessel operations in Russia due to the ongoing conflict.

“We will not return until we think that Russia again plays a good and constructive role in the world,” Chief Executive Officer Søren Skou said in a press briefing.

The European Commission has recently implemented its fifth round of sanctions against the invading country. This included banning all Russian vessels from accessing EU ports.

The company also recently released its Q1 2022 financial results for its Ocean, Logistics, and Terminals businesses.

Maersk’s Ocean business generated $15.6 billion in revenue in the period of January to March 2022.

“The increased earnings are driven by freight rates and by contracts being signed at higher levels. While global supply chains remain under significant pressure, we continue to demonstrate superior ability to help customers overcome logistic challenges,” Skou said in a statement.

Freight rates have risen significantly due to the war, as well as China’s zero-tolerance policy to COVID-19.

https://www.porttechnology.org/news/maersk-finds-possible-buyers-for-stake-in-global-ports-investment/