News / Streamlined 'new' Damco will emerge from the ashes of a major restructure

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AP Møller Maersk says its troubled forwarder, Damco, is set to return to the black next year following a radical restructure to save $35m in annual costs.

At yesterday’s Maersk Group annual Capital Markets Day, Morten Engelstoft, chief executive of the freshly-named APM Shipping Services business unit, outlined the Damco strategy.

Mr Engelstoft admitted that the $3.2bn annual turnover company had lost its way, haemorrhaging “significant” money in the past 18 months.

He said that there were three major reasons for this: its ...