Maersk Announces Separation With Its Towage and Marine Services Division In Svitzer

Vincent Clerc, Maersk’s chief executive, who has been on the job for 13 months, looks to continue the predecessor’s strategy, Soren Skou, to operate Denmark’s most excellent shipping firm under one brand to enable worldwide container logistics.

Over the past few years, Maersk has reportedly offloaded several divisions and consolidated shipping brands under a roof as part of the integrated logistics model. The most recent move will see the Denmark-based liner giant separate itself from the towage business named Svitzer. Tracing roots back to 1833, Svitzer now boasts a fleet comprising 430 vessels in over 30 nations and more than 140 ports.

Svitzer, with the likes of Maersk Line and APM Terminals, stayed standing after the integration of SeaLand and Hamburg Süd, as well as Senator and LF Logistics, into Maersk in 2023. Maersk, however, said that given the uncertainties that lie ahead. With the implementation of the integrator strategy, the decision was made to demerge and spin-off Svitzer towage activities into the Svitzer Group to close the agreement and list the firm on Nasdaq in Copenhagen in April.

Svitzer will continue to be headquartered in Copenhagen and operated by Kasper Friis Nilaus (the CEO) and Knud Winkler (CFO). The chair, Morten Engelstoft, and vice chairmen, Christine Morris, Peter Wikström, and Robert Uggla, will be proposed as the board members of the Svitzer Group following the awaited demerger, with one/two additional independent directors to join by 2025.

In 2023, Maersk wrapped up its exit from the energy business with the successful sale of Maersk Supply Service. This move began in 2016, witnessing Maersk Tankers, Maersk Oil and Gas, and Maersk Drilling sold between 2017 and 2019.

APM Terminals, Maersk Container Industry (abbreviated MCI), Maersk Line, and Maersk Training continue operating under the current brand names. Svitzer news comes as Maersk revealed its Q4 results, showing a $456 million loss, a massive drop from a profit of close to $5 billion within the same period of 2022.

Reference: Splash 247

Maersk Announces Separation With Its Towage and Marine Services Division In Svitzer appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News