Maersk had more cash than it knew what to do with — but not anymore

Last week, Maersk management announced that the company was suspending its share buyback program and cutting its dividend by 88%, signaling the end of an era when managing and deploying an enormous excess of capital was the top concern for the shipping line’s executive team. Maersk’s stock price dropped by approximately 16%. Now that the company’s pandemic-era bonanza is well and truly over, it’s time to take a retrospective look at how Maersk invested its cash when profits were pouring in by...

Skou stepping down as Maersk CEO at end of year

The world’s second-largest container shipping operator is about to have a new boss. Soren Skou, the CEO of A.P. Moller – Maersk, will retire at the end of this year. 

Vincent Clerc, currently CEO of the group’s ocean and logistics division, has been appointed the new CEO, effective Jan. 1.

“Now is the right time for Maersk, for Vincent, and for me to make this transition,” said Skou. “The company has executed very well over the past years.”

Skou has been with Maersk for almost 40 years, serving...

Maersk appoints new CEO: Skou hands the baton to Vincent Clerc

Vincent Clerc will be the new chief executive officer (CEO) of the Danish shipping company A. P. Møller – Mærsk A/S, replacing Soren Skou who will step down after almost seven years.

Vincent Clerc, currently CEO of Maersk’s ocean & logistics business, will succeed as CEO of the Copenhagen-based firm effective from 1 January 2023.

“For almost seven years I have worked together with my team to change the business model, the culture, the digital backbone, and the results to make Maersk a profitable...

Maersk To Establish Clean Fuels For Ships In Egypt

Egypt’s President Abdel Fattah al-Sisi has directed the government to cooperate with AP Moeller-Maersk to establish a network to produce and distribute green energy and clean fuels for ships, says an article published on Reuters.

Ship investments

Maersk Chief Executive Soren Skou discussed with Sisi during their meeting a project to produce clean fuel for ships with investments of $15 billion, the statement added.

Immediate details

There were no immediate details on the mechanism of the cooperation.

Maersk reports “best earnings quarter ever”

A.P. Moller – Maersk (Maersk)may no longer be quite the world’s largest operator of containerships, but it continues to be a money machine, reporting record results for first quarter 2022 across all its businesses. Revenue was up 55% to $19.3 billion, EBITDA more than doubled to $9.1 billion and free cash flow increased to $6 billion.

“In Q1 we delivered the best earnings quarter ever in A.P. Moller – Maersk with growth across Ocean, Logistics and Terminals,” said CEO Søren Skou. “The increased...

House panels open price-gouging probe of major ocean carriers

Two congressional oversight panels have opened an investigation of three major ocean carriers, alleging that their dramatic rate hikes charged to shippers may have fueled inflation.

Leaders of the Select Subcommittee on the Coronavirus Crisis and the Subcommittee on Economic and Consumer Policy — which operate under the House Committee on Oversight and Reform — sent letters on Wednesday to heads of Maersk, CMA CGM and Hapag-Lloyd requesting information about their container rate increases and...

Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.