Comment / Analysis: Maersk – relationships matter and bad assets have nowhere to hide

©MEDVIND/Bent Sørensen

Two things, of course, did not pass unnoticed on Friday when AP Møller-Maersk Group (APMM) reported its interim results: the intention to spin-off its offshore drilling operations next year; and the further deterioration of its cash flow profile, which – although the bulls may think otherwise – is not just a nuisance.

(Source: APMM)

Neither targeted divestments nor its financial situation made me feel as if the Danish group was in good shape, particularly given that the risk embedded in ...