AP Moller-Maersk has cashed out of its position as the second largest shareholder in Hoegh Autoliners, reports Splash247.
The Danish liner giant has sold its 20m shares in the Scandinavian car carrier company for NOK1.8bn ($169m). The shares, which were sold at NOK90 each, accounted for 10.5% ownership and voting rights in the Oslo-listed company. Maersk has been taking plenty of financial measures to brace for what it described as “challenging times ahead” during its Q3 presentation earlier this month.
“Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base. Since the summer, we have seen overcapacity across most regions triggering price drops and no noticeable uptick in ship recycling or idling. Given the challenging times ahead, we accelerated several cost and cash containment measures to safeguard our financial performance,” said Vincent Clerc, the CEO of Maersk, during the company’s Q3 presentation on November 3.
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Source: Splash247
