Maersk, the world’s largest shipping group, announced immediate austerity measures following a disappointing first quarter.
“Our result, especially in the ocean division (container freight and port terminals) was insufficient,” said company boss Søren Skou on Thursday. On balance, Maersk posted a profit of 2.75 billion US dollars (currently about 2.3 billion euros). However, this was heavily influenced by the sale of the oil business. All sales excluding the loss increased significantly to $ 239 million.
“Given the current challenging market conditions, we will launch a number of short-term initiatives to improve profitability,” announced Skou.
The turnover of the Danish shipping company Giant grew in the first quarter by 30 percent to about 9.25 billion dollars. Two thirds of the increase was accounted for by the takeover of the shipping company Hamburg Süd. The sale of the oil business spilled $ 2.6 billion into the coffers. Maersk wants to evolve from being an oil and shipping giant to becoming a transport and logistics company.