On the wires: Maersk’s push to win new business via Damco smells of desperation, but it's in good company
“AP Møller Mærsk A/S – Initiates first phase of share buy-back program: As announced on 24 ...
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 ...
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