(From the web)

Maersk shifts focus from shipping

Tue, Nov 20, 2012
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BRUSSELS, Nov. 20, 2012 ((From the web)) -AP Møller-Maersk is to switch its investment focus from shipping to its oil, drilling rig and ports operations business, CEO Nils Andersen told the UK Financial Times.

The move reflects the Danish giant's frustration over volatility in boxline earnings and low industry profits even in a year when lines succeeded in raising rates significantly.

Over the next five years, "we are not going to invest significant amounts in Maersk Line. We have sufficient capacity to grow in line with the market", Andersen said.

The company will "move away from the shipping side of things and go towards the high-profit generators and more stable businesses," he said.

Maersk will shrink its investment in Maersk Line, eventually reducing capital tied up in the business from 30% to 25% of total capital, while the other businesses will account for more than 50%.

Maersk shifts focus from shipping

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