Maersk plans new investments

Danish shipping giant A.P.Møller-Maersk is ready to launch an offensive and invest in new acquisitions if suitable objects emerge in the wake of the financial crisis. According to the group's chairman of the board Michael Pram Rasmussen, Maersk has the financial strength to make acquisitions following several years of cost cutting programmes. Maersk's cost cuts in 2009 amounted to DKK 2bn and there will be continued focus on cost cuts in 2010 too.

Pram Rasmussen declines to disclose details about the size of the planned investments for 2010. In 2009, the group's total investments amounted to DKK 42bn (EUR 5.64bn USD 7.43bn), a 19% drop on 2008. He confirmed, however, that Maersk will continue to invest in all its business areas although a special focus will be on acquisitions of oil fields and oil prospecting.

According to Logistics Finland, the present structure of the group will not be changed, which means that Maersk will not sell its stakes in Danske Bank or Dansk Supermarked.

(Source: Cargo News Asia)