Comment / Market Insight: Damco FF – a people business, but does it have too many?

The past few years have been particularly hard for Damco.

Its move from Copenhagen to The Hague in February 2013 was a disaster. It went from profit to a net loss of $111m that year, partly attributed to one-off relocation costs, which widened in 2014, spiraling to -$293m, and parent Maersk admitted that the forwarder had “lost its way”.

Damco financials 2014

Damco financials 2015

Damco’s plan to be “closer to its customer base” backfired badly when several key account executives declined to ...