One Of The Biggest Shipping Giants, Maersk, To Terminate Its Operations In Russia

In 2022, following the start of Russia’s invasion of Ukraine and the subsequent imposition of sanctions, Maersk declared the termination of its business in Russia.

In the last two years, the company has ceased taking cargo in Russia’s ports and sold the shares it held in the Global Ports port holding, facilities in Novorossiysk and St. Petersburg, and more than 800 refrigerated containers from Polar Star to the Delo Group.

The same year, Maersk initiated liquidation proceedings against the subsidiaries Maersk LLC and Maersk Solutions LLC.

The companies halted their liquidation procedures and resumed operations.

Toward the end of February, Maersk LLC completed an additional contribution to the firm’s property worth nearly RUB 20 million, per RBC reports.

The reports received from the Russian subsidiaries for the past year suggest that they did not carry out operating activities or receive any revenue and that Maersk Solutions’ services may not be in demand due to the sanctions.

They further noted that Russia’s organizations would opt for suppliers from friendly nations when selecting suppliers.

A.P. Moller-Maersk Group is one of the biggest container shipping firms in the world, holding approximately 15% of the total market.

Reference: Mind.ua

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Source: Maritime Shipping News