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    Chairman of Maersk Group: Ready to acquire, will reduce 4 shipping companies during the year
    Added:2019-04-16     Views:

    Yesterday, the Maersk Group Board of Directors announced that the management of the group evaluated the company's strategy and proposed solutions to promote new growth, increase flexibility and synergy, and provide maximum value to shareholders over the long term. To ensure the implementation of the new strategy, the Maersk Group Board of Directors decided to reorganize the Group's business into two separate business segments: the Transportation and Logistics segment and the Energy segment. This will ensure that maritime and logistics companies can continue to advance synergies and expand new products and services, while oil and petroleum-related businesses can explore structured solutions.

    After the financial crisis, the global shipping industry has not slowed down from the severe recession and excess capacity in the past decade. The Maersk Group is also facing this dilemma. In the second quarter of this year, Maersk Group's net profit was only $101 million, far below analysts' forecast of $196 million.

    Rasmussen said: "We were bad in the second quarter, but there are still worse than us, such as Hanjin Shipping."

    Hanjin Shipping, the world's seventh largest liner company, filed for bankruptcy protection at the end of August.

    Rasmussen predicts that the recent wave of consolidation will increase and Maersk is ready to take advantage of the strong financial base of nearly $12 billion in cash reserves to acquire competitors.

    Rasmussen said: "Chinese shipping companies are uniting forces because they are also under pressure. In the long run, no one will feel that the business of operating losses is interesting."

    The Maersk Group says that through organic growth, they are expanding their market share every year, but they will develop faster through acquisitions.

    Rasmussen added: "If we want to grow by non-organic means, the path is to acquire existing assets. We have enough ships. By the end of this year, at least four shipping companies will be less than the beginning of the year, I think we will see Further integration."


     
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