Sunday, June 11, 2023
HomeHeadlinesMaersk in talks with buyers for stake as quits Russia

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Maersk in talks with buyers for stake as quits Russia

Maersk has found possible buyers for its stake in Global Ports Investments, which operates ports in Russia as it withdraws from the country following a final cargo shipment this week, the Danish shipping group said on Wednesday.

Maersk put its 30.75% share of Global Ports up for sale as it decided to quit Russia because of its invasion of Ukraine.

It said talks were taking place with several potential buyers without giving names and that it did not expect to have to give the stake away.

Maersk bought its stake in 2012 in the company that operates six container terminals in Russia and two in Finland, and whose other shareholders are Russian state nuclear company Rosatom and Russian businessman Sergey Shiskarev.

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

Maersk carried out its last cargo operation in a Russian port on Monday. It booked impairment losses and writedowns of $718 million because of Russia’s invasion of Ukraine, including 20,000 containers stranded in Russia and writing off Global Ports.

Maersk, often seen as a barometer for global trade, said a surge in consumer demand, pandemic-related congestion in major ports and an airspace closure following Russia’s invasion of Ukraine that began on Feb. 24 have slowed container shipments and prompted a spike in freight rates.

New COVID-19 lockdown measures in China have added pressure on the already strained freight market.

“Further challenges arise from the ongoing COVID-19 lockdowns in China, and while the impact in the first quarter is limited, it may worsen the congestion environment in coming quarters as the situation develops,” the company said in its first-quarter earnings statement.

It confirmed upbeat first-quarter numbers announced last week as well as its forecast that growth in global container demand will slow this year to between minus 1% and plus 1%, compared to its previous expectation of 2%-4% growth.

One of the world’s biggest container shippers with a market share of around 17%, Maersk also said that while consumers had spent more on goods during the pandemic rather than services such as restaurants and travel, that was changing.

“A reduced impact from the COVID-19 pandemic should support the global economy, but the composition of spending is likely to rebalance towards services, and sharply rising prices for some goods may lead consumers to adjust their spending plans,” the company said.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Trafigura publishes 2023 interim results showing a strong performance

Trafigura, a market leader in the global commodities industry, released its 2023 Interim Report today for the six-month period ended 31 March 2023. The results...

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

Celestyal Participates In Promotion Of The Tourist Destination Of Central Macedonia

Celestyal, the award-winning, number one choice for travellers to the Greek Islands and the...

Capesize, panamax gains drive Baltic index higher

The Baltic Exchange’s main sea freight index rose for a fourth straight session on...

Baltic rises to over 3-month peak on firm demand for larger vessels

The Baltic Exchange’s main sea freight index rose on Wednesday to scale its highest...

Baltic index logs best day in nearly 3 months

The Baltic Exchange’s main sea freight index posted its biggest single-day gain since mid-March...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Iraklio port tender set for another delay

The opening of the binding financial offers for 67% of Iraklio Port Authority had been scheduled for Thursday, but this is no longer expected...

APM Terminals extends concession of Kalundborg container terminal

APM Terminals has reached an agreement with the Port of Kalundborg to extend the concession of Kalundborg container terminal by 10 years to 2033. In...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...