![]() Grouping the two energy firms with Maersk Supply Service and Maersk Tankers was a positive first step toward exiting the sector, said analyst Morten Imsgard at Sydbank. Maersk Oil and related firms such as Maersk Drilling have grappled with stubbornly low oil prices which remain 60 percent below mid-2014 levels. In the long run, no one finds it amusing to run a loss-making business," Rasmussen said.Ĭlustered with Maersk Line in the Transport and Logistics division will be APM Terminals, Damco, Svitzer and Maersk Container Industry, which together accounted for more than 75 percent of the group's first-half revenue. "The Chinese shipping companies are now uniting forces because they are under pressure. Rasmussen expects a recent wave of consolidation to intensify, and told Reuters that Maersk is ready to use its cash reserves of close to $12 billion to buy up competitors. South Korea's Hanjin Shipping Co Ltd, the world's seventh largest container carrier, filed for court receivership in late August. "We had a quite poor second quarter, but some players have it much worse than we do, which we also saw with Hanjin," Rasmussen told Reuters after the split was announced. ![]() Maersk's second-quarter group net profit of $101 million was well below the $196 million expected by analysts. "I still want to see changes in the underlying markets and don't see this as creating any value here and now." Otto Friedrichsen, equity strategist at Danish asset manager Formuepleje, with around 45 billion Danish crowns allocated in bonds and equities, has shunned the shipping industry including Maersk, and was skeptical about the split. The weak shipping market has hit the top companies which have invested heavily in "mega-ships", largely to operate on the main Asia to Europe trade route, with industry analysts questioning whether there is enough work for them ![]() ![]() "It might be one of the most pain-free solutions relative to other scenarios, but they could have gone even further," Nykredit analyst Ricky Rasmussen said, suggesting the group could have been cut into four units. Some analysts and investor, however, said the 112-year-old company had not gone far enough. Shares in Maersk, which have risen by more than 20 percent since June in anticipation of the strategic review, climbed 3.4 percent on the news and were at 10,240 crowns at 1516 GMT. ![]()
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