Danish conglomerate AP Møller-Maerskhas delivered a damning assessment of the state of the container shipping sector by signalling it will switch investment to its other businesses.
Nils Andersen, chief executive, told the Financial Times that the group would no longer invest large amounts in Maersk Line, the world’s biggest operator of container ships with a 16 per cent market share, and would instead focus on its oil, drilling rigs, and ports divisions.
The move represents a significant change in strategy for Maersk. The company and what it says about trends in global trade are seen as a barometer for the container shipping industry.
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